Back in 2016, the same cross marked the start of a long-term bull market.
A bitcoin price indicator that marked the beginning of the 2016-17 bull market is about to make another appearance.
A bullish cross suggests a rally is about to gather steam or a bull market is on the horizon.
The 50-week MA is based on one-year-old data and the 100-week MA is sensitive to the price action seen over the last two years.
Put simply, the price rise from the December 2018 low of $3,122 to the June 2019 high of $13,880 has put the 50-week MA on an upward trajectory.
The chart pattern warrants attention due to the fact that bitcoin broke into a 19-month long uptrend with the bullish crossover of the same averages in May 2016.
Interestingly, bitcoin's bear market from the December 2013 highs above $1,160 ran out of steam with a bearish crossover of the same two averages in April 2015.).Similar price action was observed earlier this year, as seen below.
Bitcoin charted a higher low of $3,700 in February, despite confirmation of a bear cross, signaling an end of the bear market following record highs near $20,000.
With history perhaps looking to repeat itself, there's some reason to believe the upcoming bull cross of the 50- and 100-week MAs could bode well for bitcoin.
As for the next 24 hours, the probability of bitcoin witnessing an upside move is high.
Bitcoin to See Return of Bull Cross That Marked Onset of 2016-17 Price Rally
Published on Dec 3, 2019
by Coindesk | Published on Coinage
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