If Bitcoin were to be heading in a downward direction, how soon could that be? The Death Cross of June 19 has been an important event in Bitcoin’s history. For the first time, the Death Cross did not kick the king coin’s price furthermore than it already was. The Death Cross occurred at $35,000 and at press time the price was at $35,380 still. This showed that there has been no immediate impact of the event. But does that mean that the Golden Cross is here?
Technically the Golden Cross is still far away since we are yet to reach the expected dates. However, analyst Benjamin Cowen’s recent analysis shows that these dates could be pushed back further due to the updated movements. At the moment following the Death Cross 50 Day Moving Average and the 200 Day Moving Average are in their expected areas. But since the prices didn’t take quite the hit, this phenomenon was expected to be short-lived.
Since both the MAs are lagging indicators they do not represent accurate present movement. However, as of press time, both indicators happened to move further apart. The Golden Cross occurs when the 50 DMA takes over the 200 DMA. And for that to happen the 50 DMA needs to start moving upwards. Right now both the DMAs have a separation of $7000 between them.
Bitcoin weekly chart with the Cowen Corridor acting as support | Source: Benjamin Cowen
Cowen gave his remarks on the same,
“We have a long way to go before we can have any hopes of resuming any major bullishness in the market. It’s gonna take a longer time.”
On the other hand, popular analyst Rekt Capital placed the expected time for the Golden Cross towards the end of July and early September. But thanks to volatility, anything can happen, thus it’s important to keep an eye on the market.
Expected Golden Cross | Source: Rekt Capital
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