A First In 3.5 Years!
The 50 and 100-week averages on the Bitcoin weekly chart of the market’s largest cryptocurrency are getting closer. If the intersection happens, a first will take place 3.5 years later.
Bitcoin is increasingly converging on the 50-week movement average with the 100-week movement average. This is a clear indication that there is potential for a “golden cross” on bitcoin’s weekly chart.
Recently, if the two moving averages intersect, this formation will be seen in bitcoin for the first time in 3.5 years.
Golden Cross is a technical graphic model with signs that can mark the start of a big rally. This kind of intersection had previously been seen in May of 2016, with the weather forming, bitcoin hovering at 438 USD, rising to as much as 20,000 USD by the end of 2017. According to Coindesk analyst Sebastian Sinclair, the expected intersection will take place in late December or early 2020.
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