Crypto News

This time heralds a Golden cross Bitcoin

Bitcoin after halving shows a steady increase, periodically plunging into a phase of consolidation.

Having made several attempts to overcome the level of $ 10,000, BTC did not have this psychological barrier, in spite of unprecedented bullish sentiment in Twitter, which according to the company, The Tie has reached record levels in the last thirty days for the first time since 2017.

Retail traders on the basis of indicators of traditional markets, move on to the cryptocurrency market, and start investing in BTC/USD. But as evidenced by the Glassnode, the volume of BTC on the exchanges are still at a low level, not foreseeing big trades in the short term.

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Source: Glassnode

At the same time, on Wednesday, on price chart when crossing the short-term moving average, the 50-DMA and the long-term moving average 200-DMA has started to form a Golden cross.

Traders usually interpretiruya Golden cross as a bullish pattern. But without an increase in pressure buyers and large trading volumes, we can hardly expect a strong rally.

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With the beginning of the formation of the Golden cross trading volumes have increased slightly, most likely, subject to FOMO. The MACD indicator remains neutral.

The uptrend is marked with small green candles on a chart, gives a large red bearish candles. At the time of this writing, Bitcoin has started to show decline, according to CoinMarketCap, up to level 9 771 dollar.

Shows the daily price chart BTC/USD, February 18 was formed a Golden cross, and March 25 – the death Cross. However, none of the patterns failed to indicate the correct direction of the price movement of Bitcoin: after a Golden cross, the price of BTC fell during the month to a catastrophic level below 3 $ 800, and formed on March 25 Death Cross marked the steady growth of the cryptocurrency.

Source:

cryptofound.com

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