Bitcoin Golden Cross

[Tytanowy Janusz]

But i think lot of money is coming from LTC BCH recent pumps and BSV drama

based on what i have seen, majority of traders trade altcoins with bitcoin not with fiat. which means when they dump that altcoin they are dumping it in its bitcoin market (in this case for example they sell it in BSV/BTC market) which means "money "is not coming in bitcoin, people are just getting their bitcoins back after a loss.
even if they sell their altcoins for profit they are still selling it for bitcoin not fiat and their profit will be in bitcoin which either goes to  their cold storage or goes into the next coin getting pumped.

Its much more complicated. When you sell altcoin for bitcoin you are dropping alt/btc price. That decrease calculated alt/$ price while alt/$ price on market remains constant, thats bring opportunity for arbitrage traders to do this sequence:

Buy bitcoin with $
Buy altcoin for bitcoin
Sell altcoin for $
buy bitcoin with $
continue... until there is no price difference.
Therefore, even when you dump altcoin into bitcoin you are in fact boosting bitcoin price. Size of that depends on how big USDT market is (especially order book).

Your sentence is true only on those coins that are not nominated in $ at all.

You can see interesting stats on
https://www.bitfinex.com/  usd  and usdt if you click on usdt it looks like usdt are moving to eth
 

That does not mean anything. Especially now when bitfinex trading volume is marginal.

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[YuginKadoya]

Do we think that it can be the same as the 2015 Golden Cross that had happened in my opinion and just like you said we should consider keeping it low and never speaking that it will always be the same, But well this can always be an indicator that the past may come true but for us to be safe in trading and experiencing losses with this kind of movement I consider this as a normal move for bitcoin because Bitcoin will always be recovering in the past and it doing just the same, A golden cross can be a coincidence for taking a crucial manifestation of the past movement it did, Volatile as ever we still should consider that it may still take a dip.

[Slow death]

Last time this happened was 2015 early start of bull rally.

this has become news on many bitcoin news channels

Bitcoin Almost Touches $5,600, Forming Its First Bullish Golden Cross Since October 2015

I hope this means that we will see some considerable price increase and not a big pump and then a big dump

[exstasie]

Historic Moment
Golden Cross just happen
Golden cross is happening when 50MA  cross 200MA on 1 day chart
It is happening right now
It is easy to drawn lines even on Bittrex studies to see that

Last Golden Cross was October 28th-30th, 2015. Subsequent gains of 6787%
So it is something to celebrate and be careful because many shorts can appear on 5.8 k to 6.k
If bitcoin will finally pass 6k and defend 5.8 then it can be very interesting on btc

I prefer to see a confluence of bullish signals before getting too confident. Taken alone, a 1-day golden cross isn't the most reliable signal.

Let's take a look at the 1-day golden cross which happened directly before the October 2015 cross:



It was a false signal and we crashed below $200 again. I would be prepared for a similar move this time too. Sentiment is feeling pretty exuberant right now. We've just made new local highs and will probably trend up a few more days, but I think this move will run into stiff resistance pretty soon.

[LFC_Bitcoin]

$5,600

[buwaytress]

I wonder how many other crypto would have made similar gold crosses in the past few years. Not knocking this find at all of course, just cognisant that we got here because of the April Fool 20% burst, and that volumes haven't been mindblowing. May not be as significant as the 2015 one. Tried looking online and seems people didn't make a big deal about it. Hindsight, huh.

[Lanatsa]

Hi Pab.
I dont know anything about that Golden Cross.
Can you enlighten me please by providing links to where I could read more about it?

Thank you in advance.
Kind of intrigued by it.

You can try to have a sneak on here: https://www.investopedia.com/terms/g/goldencross.asp

These technicals are really rare and if we try to look on previous golden cross it did happen to have a rally after.We cant say that it would happen again this time but
a very exciting thing to be observed about.

[Pab]

I wonder how many other crypto would have made similar gold crosses in the past few years. Not knocking this find at all of course, just cognisant that we got here because of the April Fool 20% burst, and that volumes haven't been mindblowing. May not be as significant as the 2015 one. Tried looking online and seems people didn't make a big deal about it. Hindsight, huh.

same golden cross we have on ETH now from yesterday  but golden cross doesn't belong to crypto only
Golden cross is bullish signal on stock markets from long long years
Mostly it works with  stocks  after golden cross stocks was  rising

[bhadz]

Expect that there will be shorts coming but this is becoming interesting.

I hope this means that we will see some considerable price increase and not a big pump and then a big dump

Yeah, we'd like to see a normal and stable growth but the past growth seems to be like that.

We cant say that it would happen again this time but
a very exciting thing to be observed about.

Let's say that history may repeat itself. 

[leowonderful]

Shorts are definitely creeping up according to this site (click for link) that measures the total number of margin positions on Bitfinex and Bitmex, will be interesting to see what happens in the next few hours/days.

EMA also has not crossed yet though the regular MA has already crossed on Bitmex. Feels like buy pressure might be starting to weaken here though, and RSI on the daily is reaching into the mid 70s again.

[Tytanowy Janusz]

It was a false signal and we crashed below $200 again. I would be prepared for a similar move this time too. Sentiment is feeling pretty exuberant right now. We've just made new local highs and will probably trend up a few more days, but I think this move will run into stiff resistance pretty soon.

Agree. Other think is that analysing only chart is confusing. 2015 is short after mt.gox hack. Questions is if we made this pull back to 200$ due to technical reason (And it may repeat now) or due to fud from next bad news that hit market.

[talkbitcoin]

Last time this happened was 2015 early start of bull rally.

Yeah something to watch in coming days

being like 2015 means you won't see the result in "a couple of days" because just like 2015 the rises are going to be slower than the usual thing people got used to in 2017. so basically the $6000 resistance can be broken in a couple of weeks as price creeps up slowly with a high volume but no excited movement. and then continue on that path to some higher price (probably around $9.5k) then start gaining more speed.

[klaaas]

Was talking about it here and had a feeling of a pullback. Curious how it will play out in the short run and if we going to follow last time pattern.

[alyssa85]

Last time this happened was 2015 early start of bull rally.

Yeah something to watch in coming days

being like 2015 means you won't see the result in "a couple of days" because just like 2015 the rises are going to be slower than the usual thing people got used to in 2017. so basically the $6000 resistance can be broken in a couple of weeks as price creeps up slowly with a high volume but no excited movement. and then continue on that path to some higher price (probably around $9.5k) then start gaining more speed.

Yeah. It will take a while to grind higher and it won't be till 2020 and the imminent halvening that we shall see BTC try to break it's all time high.

[Pab]

I have been watching very interesting vid about btc price vs btc sentiment

You can watch that vid here just eleven min https://www.leadingtrader.com/are-we-in-a-new-bitcoin-bull-market/

At least it is not bullish vid yesterday we had golden cross over hyped and like a result one big red candle

I don't believe that we can drop to 3500 $  max i think can be 4600$
There is still April bounce back to 4800$ we had on April 2 so it is going fast maybe to fast

[leowonderful]

Seems like some pullback is already starting to happen as we dumped from the 5600s to lower 5400s. I wonder if we’re going to see continuation on this movement with further dumping or if things start pumping back up to the 5600s and beyond. Pretty uncertain what’s going to happen next personally.

[Jating]

Historic Moment
Golden Cross just happen
Golden cross is happening when 50MA  cross 200MA on 1 day chart
It is happening right now
It is easy to drawn lines even on Bittrex studies to see that

Last Golden Cross was October 28th-30th, 2015. Subsequent gains of 6787%
So it is something to celebrate and be careful because many shorts can appear on 5.8 k to 6.k
If bitcoin will finally pass 6k and defend 5.8 then it can be very interesting on btc


 

Yeah, I saw lots of TA 'experts' saying that we have crossed that Golden Cross, however, it seems that the price didn't hold that much as bitcoin started to slow down and have a pullback in the last 24 hours or so.

But I'm not worried though, it looks like to me this is just a healthy pullback going to $5800-$6K in the next couple of weeks so it's interesting to see how are investors going to respond now.

[Tytanowy Janusz]

Yeah, I saw lots of TA 'experts' saying that we have crossed that Golden Cross, however, it seems that the price didn't hold that much as bitcoin started to slow down and have a pullback in the last 24 hours or so.

But I'm not worried though, it looks like to me this is just a healthy pullback going to $5800-$6K in the next couple of weeks so it's interesting to see how are investors going to respond now.

Pull-back is very normal as we had only 3 small weekly red candles and 12 green out of last 15 and only 1 small red candle out of 10 last candles. Even pull-back to 4500 is normal and will not be a threaten for future grow.

[2chase]

You should not hope that Bitcoin will overcome 6000 as early as next week, although of course there were many examples in history when technical analysis was not working, and Bitokin showed incredible miracles. But this time I think that 6000 Bitcoin can be overcome no earlier than in a month.

[Gaff]

You should not hope that Bitcoin will overcome 6000 as early as next week, although of course there were many examples in history when technical analysis was not working, and Bitokin showed incredible miracles. But this time I think that 6000 Bitcoin can be overcome no earlier than in a month.

Hopefully that will be surpassed through in few days time, but for now just expect lesser in order to avoid frustrations if ever it won't. Crossing at 6000 could be struggling this time, since market recovery remains crucial due to panic holders taking day trades in order to recover losses. That normal scenario and it has been expected to happen once the price spikes in some certain value.