Update on Golden Cross Bitcoin that you need to know
If bitcoin goes down how is it going? The Death Cross on June 19 is a pivotal event in Bitcoin history. For the first time, the Death Cross didn’t push the BTC price any lower than it did then. The Death Cross costs $ 35,000 and at the time of writing the price is still hovering around that range. This does not indicate any immediate effects of the event. But does that mean the Golden Cross is about to form?
Technically, the Golden Cross is still a long way off, as the planned date has not yet been reached. However, a recent analysis by Benjamin Cowen suggests that the timing of the crossing could be pushed back further by the updated movements. Now, after the Death Cross, the 50-day MA and 200-day MA are in their expected zones. However, as prices are not heavily affected, this phenomenon is likely to be short-lived.
Since both moving averages are trailing indicators, they do not accurately reflect current movement. At the time of going to press, however, the two indices had moved further apart. Golden Cross occurs when the 50 DMA exceeds the 200 DMA. And for this to happen the 50 DMA has to move up. Currently, the gap between the two DMAs is $ 7,000.
Bitcoin weekly chart with Cowen Corridor Acting Support | Source: Benjamin Cowen
“It will be a long time before a major uptrend resumes in the market.”
On the other hand, famous analyst Rekt Capital had expected the Golden Cross to take place in late July and early September, but anything can happen with volatility, so it’s important to keep an eye on the market.
Source: Rekt Capital
According to Ambcrypto