Bitcoin just printed a golden cross as its 50-day SMA crossed above its 200-day equivalent. We’ve been tracking BTC’s price action relative to how it performed in Q2 2019 and this latest signal marks another similarity between the two periods (see here for previous stream post).
Golden crosses aren’t always the best predictors of future price action, but unlike the Sep. 2021 instance, this latest occurrence comes after a prolonged downtrend, again similar to April 2019. During that period, the 50-day SMA served as support until prices topped out in late June / early July. BTC is current trading ~16% above its 50-day SMA.
ETH is on pace to print a golden cross in the next 1-2 days.
