Crypto Market to Form Golden Cross as Bitcoin Gains Momentum Above $9k
Earlier this month, NewsBTC reported that the market capitalization of all crypto assets, Bitcoin included, printed what is known as a death cross in the land of technical analysis. The ominous-sounding title is given to when a short-term moving average of any asset – the 50-day MA for example – crosses under a long-term moving average such as the 200-day MA. It signifies that bears are in control.
It seems that the recent surge, however, is negating the potential long-term downtrend this death cross can have on this market. In fact, a golden cross has rapidly started to form after the aforementioned death cross.
Related Reading: As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching
Crypto Market May Resume Uptrend
As pointed out by Brave New Coin’s crypto analyst, Josh Olszewicz, the total cryptocurrency market cap – the value of Bitcoin and all other cryptocurrencies – is about to form a golden cross. In this case, the golden cross will see the 50-day exponential moving average (EMA) cross above the 200-day exponential moving average.
This will signal that the downtrend has most likely ended at $7,300, and may imply that investors will continue to push the crypto market higher into the coming months.
total mcap trying to golden cross now
let's just call it a RED cross
thanks xi pic.twitter.com/WidEgSTVcb
— Josh Olszewicz (@CarpeNoctom) November 1, 2019
Related Reading: Why Bitcoin? Bank of America Services Down Across U.S.
Bitcoin to Form Powerful Golden Cross
This isn’t the only extremely positive golden cross currently forming in the crypto markets. As reported by this very outlet previously, popular analyst Filb Filb noted that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.
As Filb’s chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out. Historical precedence would suggest the same is about to happen… again.
Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant. pic.twitter.com/ifGWguAtd5
— fil₿fil₿ (@filbfilb) October 30, 2019
This isn’t the only sign that should have bulls buzzing, if bulls buzz anyway. An analyst going by Mitoshi Kaku noted that the one-month Ichimoku Cloud’s first lead line has crossed above its second for Bitcoin, flipping green for the first time in months.
He wrote in a response to the inquiry about the indicator that this “could be the start of something beautiful”, referencing the idea that the Ichimoku Cloud is currently predicting that BTC is soon to enter a long-term bull market.
Related Reading: A Chinese Blockchain Day? October 24 Proposed as Day to Celebrate Tech Behind Bitcoin
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Nick Chong, Khareem Sudlow