Bitcoin Charts First Weekly Golden Cross in Almost 4 Years

Bitcoin’s longer duration chart is flashing a specific bull market signal for the first time in over three years.

On the weekly chart, the cryptocurrency’s 50-period moving average (MA) has crossed above the 100-period moving average, confirming what is popularly known as a “golden crossover." The same cross was last observed in May 2016, according to Bitstamp data.

A golden cross occurs when a short-term moving average breaks above a long-term moving average on a specific time frame (daily, weekly, monthly) and is considered an advanced warning of an impending bull run.

MA crossovers are lagging indicators and merely confirm the prevailing trend, however. As such, they have limited predictive powers, as discussed last week.

That said, crossovers are widely followed indicators and attract a significant amount of buying if the broader market conditions are supportive, as seen below. Read More...