The battle between bulls and bears continues, and the first seem to overpower. This week graph shows a clear upward trend, the 24 hours volume is $16 billion – the highest volume of the weak.
The crypto community extensively discuss so-called golden cross on bitcoin graph. The golden cross is the “bullish” pattern in the technical analysis, that comes from a crossover of the short-term moving average (MA 50, 50 days MA) and long-term moving average (MA 200, 200 days MA).
The golden cross can indicate a long-term upward trend. Bitcoin has already seen the golden cross close to the end of the last bearish cycle of 2015, that at the time indicated the bullish run of 2016-2017.
However, it is worth noticing, that it could be fake. As one can see in the above graph, the graph has shown two golden crosses in 2015.The first turned to be fake and only after the second the BTC has grown to $500. The MA 50 has not crossed the MA 200 until the bitcoin has reached its historical maximum at the level of $20 000 (December 2017).
After the historical maximum was reached, the BTC price MA 50 has finally crossed above MA 200, and has formed the death cross at the level of approximately of 10 000, indicating the upcoming bearish market.