Bitcoin Forms Bullish Golden Cross

• BTC

<a href="https://xpertsstudio.com/bitcoin-godbole-flags-2022-chart-vibes/” title=”Bitcoin: Godbole Flags 2022 Chart Vibes”>Bitcoin (CRYPTO: $BTC) has once again formed a bullish “golden cross” chart pattern, suggesting that further gains are likely for the largest digital asset.

A golden cross is a closely watched and widely tracked chart pattern that investors see as a bullish momentum indicator.

The golden cross chart pattern forms when an asset’s 50-day moving average rises above its 200-day moving average.

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The crossover shows that short‑term momentum is overtaking the long‑term trend, setting the stage for a sustained rally.

This is the 13th time in Bitcoin’s history that it has formed a golden cross. The latest bullish signal occurred with the price of BTC above $78,000 U.S.

Bitcoin has rallied hard since the end of August, rising from $65,000 U.S. to as high as $82,000 U.S. as investors grow increasingly worried about the artificial intelligence (A.I.) trade.

Bitcoin is now facing resistance at $80,000 U.S., a level that analysts say the cryptocurrency needs to breach to rally back above $100,000 U.S.

However, a golden cross is no guarantee of a sustained rally or breakout for Bitcoin.

On three previous occasions, Bitcoin saw a big average return of 250% or more over the 12 months following a golden cross formation.

The other nine times, Bitcoin gained an average of 24.9% over 12 months after forming a golden cross chart pattern.

Some analysts say that golden crosses can lead to “bull traps” for investors, especially when it comes to volatile cryptocurrencies.

Still, others see a golden cross as clear evidence of growing momentum in the crypto trade that has been reignited after a nearly year-long downturn in digital assets.

BTC is trading at $78,350 U.S. on Sept. 8.

Source: finance.yahoo.com