19.02.2020 – Special Report. The bulls are scratching their hooves: An interesting formation has just formed for fans of chart analysis. The “Golden Cross” decides on wealth or ruin. Crypto fans expect a bull market up to 26,000 dollars.
50-day line cuts 200-day line
The professionals at CoinTelegraph have been paying attention. The rising 50-day line at BTC has just crossed the moving 200-average from below. The phenomenon is known as the “golden cross” and is a rare occurrence in the crypto-currency.
Golden cross already in April – plus 170 percent
And that’s not all. In addition, according to CoinTelegraph, BTC has hung in a bullish, rising triangle at around 9,800. In these days the decision is made – either the recent highs at $10,400 are attacked or the lows at 9,500 are tested.
A bullish indicator is the fact that a price gap was torn in futures trading last week. As a result, Friday’s session closed at $10,495, while Monday began at below $10,000. BTC has always filled such gaps, making a rise to 10,500 the more likely option. Yesterday’s forecast has apparently been internalised by the bulls – BTC has recently stayed above 10,000 dollars again.
But all is not yet evening. Because the chart formation “Golden Cross” is too simple to be true. Moreover, a 200 line can quickly turn out to be massive resistance. But if enough traders believe in it, the effect of the Gold Cross as a “self-fulfilling prophesy” occurs.
BTC bulls take a run-up
By the way, the investment advisor Fundstrat also assisted, BTC could climb to 27,000 dollars by August. The reason and the prerequisite for this is precisely the above-mentioned sustained break of the 200-day line. And venture capitalist Mike Novogratz also assisted that BTC/USD will test the all-time highs until Halving in May.
So let’s wait and see – such a forecast is neither surprising nor altruistic for blogs and investors who are committed to Cryptos. We will keep an eye on the matter for you – the Bernstein-Bank wishes successful trades!
Important Notes on This Publication:
The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.