Vladislav Sopov
Pseudonymous cryptocurrency analyst @CryptoJelleNL noticed a unique pattern in Bitcoin (BTC) price action.
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Contents
- According to analysts, Bitcoin (BTC) is showing this pattern for the first time ever
- More “crosses” in the next few days?
Typically, “golden crosses” and “death crosses” are interpreted as reliable indicators of medium-term market sentiment. A veteran market analyst has spotted an extremely rare specimen and is sure it will not leave Bitcoin (BTC) price untouched.
According to analysts, Bitcoin (BTC) is showing this pattern for the first time ever
According to a chart shared with its 36,000 followers by pseudonymous cryptocurrency analyst @CryptoJelleNL, Bitcoin (BTC), the largest cryptocurrency, just printed a “Golden Cross” as its 13-day moving average (13MA) crossed its 200- Daily average has exceeded (200MA) from below.
The situation where the “short-term” MA line crosses the “long-term” line from below is called the “Golden Cross” and typically translates as a strong bullish indicator. This only happens when the number of Bitcoin (BTC) bulls grows rapidly.
The reverse situation is called a “death cross” and is a sign of an impending price drop.
For these particular metrics (13MA, 200MA), this is the first example of a “golden cross” in Bitcoin (BTC) history, @CryptoJelleNL points out. However, he is certain that the “potential for a major rally” is there and the bulls will soon prevail.
More “crosses” in the next few days?
He added that more and more “crosses” of this type will be seen in the coming days. For example, a 21MA/200MA cross could appear as early as next week.
However, the most reliable model, the “classic Golden Cross” 50MA / 200MA, may not be registered for some time. Therefore, Bitcoin (BTC) bulls should not overestimate the influence of “minor crosses.”
At press time, Bitcoin (BTC) is changing hands at $27,183 on major cash exchanges. Its price has increased by 0.83% in the last 24 hours. Alternative’s Fear and Greed Index is in the “Neutral” range at 53/100.
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