What’s the buzz about Bitcoins Golden Cross formation?
Traders and Cryptocurrency enthusiasts are buzzing with excitement over the first golden cross for Bitcoin in 3 years as bulls return!
But what is the golden cross and why is everyone so excited?
The golden cross is a candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average. As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes, the current volume being $13,519,900,312 USD -
The breakthrough follows 35% rally for Bitcoin past $5,600, putting it on track for its best monthly gain since the height of the crypto frenzy in Dec2017. Others are already indicating upwards to the next resistance level, which appears to be around $6,000.
As some have observed, the golden cross signifies the first of such kind since October 2015, which pretty much set Bitcoin in a slow but steady bull trend that started at around $300 and ended with the frenzy of the late 2017 all-time highs near $20,000.
Many are calling it the second coming of Satoshi!