Ah, death crosses and golden crosses. The bear and bull signals that traders love.
Bitcoin’s price is up 40% since its January 2022 low and the overall market’s up 30% over that same time frame. This has left a lot of people wondering whether we’re in a bull or bear market. Maybe you’re wondering the same thing?
If bitcoin’s price stays at $46,000 for the next two months, it will print BOTH a golden cross AND a death cross. How’s that for clarity?
On the 1-day chart, it will print a golden cross in May.
Traders say that’s good. Bull market confirmed. Better days ahead!
On the 3-day chart, it will print a death cross in June. Traders say that’s bad. Bear market, death drop, despair.
Yes, if bitcoin’s price stays at approximately $46,000, it will print BOTH a golden cross AND a death cross.
No wonder so many people wonder whether we’re in a bull or bear market.
Fortunately, bitcoin’s price will probably not stay at $46,000 for the next two months. Only one of these outcomes will occur.
Which one? Golden or death?
It doesn’t matter
We’ve had two death crosses on the 3-day chart. Both times, we got a swift drop that led to a generational bottom within one month.
Does that mean we’re overdue for an “up forever” moment? The third time’s the charm?
We’ve had eight golden crosses on the 1-day chart. Five times, bitcoin’s price went lower for days, weeks, and months afterward. Three times, it went up forever.
I’m not sure that the golden cross is as bullish as it sounds.
If you’re waiting for the death cross or golden cross to confirm your bull or bear bias, you may not get the confirmation you seek.
Meanwhile, it’ll be fun to see which cross comes first!
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