Bitcoin Eyes Both Golden Cross and Death Cross

in crypto •  2 years ago 

As most people are anticipating a "golden cross" on the daily moving-averages - likely to happen at the weekend - it is worth also zooming out to the much slower weekly MAs.

Bitcoin bulls must reclaim these 2 levels as 'death cross' still looms

On the weekly chart, Bitcoin is actually approaching a "death cross"; something that happened on the daily charts a year ago, in January 2022. It is quite amusing to see opposite crosses on the medium and long-terms charts. Seems to back up the general uncertainty that comes with being mid-cycles.

All of which should serve as a reminder that the terms bulls and bears are not only relative, but are also not simple on/off switches. There is no single accepted measure of market sentiment, so as an individual, is worth having a few indicators you understand and trust and then gauge which ones are bullish, and which bearish.

The key resistance now is about $24-25k.

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  ·  2 years ago  ·  

Everyone uses the same charts, but not everyone has the muscle to move markets.