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Bitcoin (BTC) Price Prints Rare Golden Cross That Is Even More Bullish Compared to Previous One

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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.”  

Golden Cross

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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. 

Golden cross

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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.  



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