Bitcoin to reach very bullish ‘golden cross’ signal soon

0

Last Updated on 6 November 2023 by CryptoTips.eu

It is only the second month of the year, but the technical signals are getting stronger and stronger. For example, there is now the expectation that both the largest stock index in the United States, the S&P 500, and Bitcoin will reach the coveted ‘golden cross’ moment within only a few days.

Advertentie.

Long term

A golden cross occurs when the 50-day simple moving average (SMA) of the security’s price moves above its 200-day SMA, producing a cross on the price chart. Because moving averages are backward-looking indicators, the signal tells us only that the market’s short-term gains have surpassed its long-term gains. Experienced traders interpret it as a very bullish signal.

Valkyrie analysts pointed out that:

The winds of change are blowing stronger as there is an increasing likelihood of bullish golden crosses in the near future.

For Bitcoin, it would be the first golden cross since September 2021. According to the latest calculations, and assuming that the largest digital currency continues a positive trend, the moment would come within two weeks, so around Valentine’s Day.

Back in 2019, one of the most significant golden crosses in Bitcoin’s history took place, and it made the world’s biggest digital coin the hottest investment in the crypto world by pushing its price by 600% in two years, until it hit an all-time-high in November 2021.

Well at least you all know what you can buy for your love.

For the S&P 500 the moment will be reached even sooner, normally before the end of this week.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts