? ????? ??? ??? ????????!
? Remember to subscribe and hit the bell “?” icon, so you don’t miss your daily cryptocurrency news!
Become A Patron!
⭐ On Patreon –
⭐ On YouTube –
?Earn Interest On Your Crypto By Depositing It On BlockFi:…
Bitcoin (BTC) Price Prints Rare Golden Cross That Is Even More Bullish Compared to Previous One
Even after Bitcoin’s precipitous drop to the $9,400 level, the biggest cryptocurrency by market cap still managed to print a relatively rare golden cross on its daily chart. According to YouTube blogger The Moon (Carl Runefelt), this is a sign of “shifting bullish momentum.”
BULLISH: The #Bitcoin golden cross has officially happened!
The 50-day MA just crossed above the 200-day MA.
This is a sign that the momentum is shifting into bullish! pic.twitter.com/OOUC1JbnXY
— The Moon (@themooncarl) February 18, 2020
A rare buy signal
Golden crosses are formed when the 50-day MA of a certain asset moves above its 200-day MA. They show that the market is gaining bullish impetus.
The last time this buy signal appeared on the daily chart was in April 2019. It was followed by a 175 percent price rally in Q2.
According to MMCrypto, the bulls need to ‘fasten seatbelts’ since this golden crossover is even more bullish than the previous one.
The $BTC Golden Cross just happened TODAY!!!
This one is fundamentally different and more bullish than the one we had in April 2019 which took us to $14‘000.
— MMCrypto (@MMcrypto) February 18, 2020
Not out of the woods
It is worth mentioning that golden crosses usually occur when the market is already in a full bull mode, which means that this is a lagging indicator. Hence, it’s not reasonable to try to predict future prices moves solely based on this bullish crossover.
Moreover, there is a need for strong buyer demand for the BTC price to remain above its 50-day MA. Otherwise, it could witness a painful correction.