RATE Group | Bitcoin’s 3-Day Price Charts Point to an Impending ‘Golden Cross’
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Bitcoin’s 3-Day Price Charts Point to an Impending ‘Golden Cross’

11 Jul Bitcoin’s 3-Day Price Charts Point to an Impending ‘Golden Cross’

Posted at 20:52h in Bitcoin News by

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A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3-day chart (2016-2017)

The 50- and 200-candle MAs produced a bullish crossover in three days to Feb. 3, 2016, following…

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