- July 26, 2019
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
This is a simple comparison pointing out the obvious. Bitcoin is close to making a Golden Cross (MA50 crossing over the MA200) on the 3D time-frame, which is generally regarded as a very bullish signal, especially on the long term.
In 2016 the very same formation (Golden Cross) resulted in to the start of a new aggressive bullish wave within the Bull Cycle of the period. Interesting fact here, that the price touched the MA200, consolidated for several months and then initiated the new aggressive buy leg.
If a similar pattern is followed this time as well, then it will largely justify the short term bearish scenarios below:
Will history repeat itself?