The bitcoin price chart just flashed a bullish signal that typically heralds a big rally on the horizon. On Monday, the cryptocurrency formed a “golden cross,” a pattern that’s drawn when the 50-day moving average crosses through, and above, an ascending 200-day moving average. Traders and analysts use it as an indicator that a market trend is about to turn more positive. The opposite, or so-called death cross, indicates a bearish change.
Ari Wald, a chartwatcher at Oppenheimer, sees the golden cross as a confirmation of the recent uptrend rather than an actionable price signal, because the pattern occurs after the price has already moved. “Every big price move starts with a positive cross, but not every positive cross leads to a big move,” he told CNBC.
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