Traders excited about Bitcoin's Golden Cross formation: what does it mean?

23 Apr, 2019
by Alberto Arnaldo
Trading
Traders excited about Bitcoin's Golden Cross formation: what does it mean?

With Bitcoin pulling the market upwards once again, its recent gains have propelled prices back to an intermediate resistance area between $5,500 and $6,000 which remained terra incognita since the pullback from last November.

The current price range has also brought with it a most relevant classic trading pattern: a golden cross, far from being a religious motive, is the name given by traders to chart price moves where a short term moving average crosses the long term MA on an upwards path. Most traders understand this as a clear bullish sign, in opposition to death crosses.

Crypto connoisseurs have been charting the event over the last hours, and spreading the word as well. The milestone appears to have been reached recently, thanks to the latest gains from the largest crypto by market cap which have propelled its price by near 5% since yesterday.

As some market observers have been noting, the golden cross represents the first of such kind ever since October 2015, which pretty much set Bitcoin in a slow but steady bull trend that started at around $300 and ended with the frenzy of the late 2017 all-time highs near $20,000.

Others are already pointing upwards to the next resistance level, which appears to be eyed out at around $6,000.

Redditors have also voiced their opinions on the newly inaugurated chart pattern, with the general sentiment of the main threads leaning more towards general mockery rather than investment and crypto talk.

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Still, some relevant spiritual comparisons came out of the exchange of ideas:

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