Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.
Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.
Formation of Golden Cross- Bullish Pattern
While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.
The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation of the bullish pattern- the golden cross.
Also read:https://twitter.com/BLOCKTVnews/status/1227594152566820864
Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.
He said:
‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias.’’
Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.
Bitcoin is so much more than just a currency. It's a completely new social technology: non-political non-confiscatable self-sovereign extra-hard money. I expect it to precipitate transition of humanity to completely new economic and social order that will slowly emerge over time.
— Joe007 moved on to other things
(@J0E007) February 18, 2020
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.