Bitcoin Price Analysis: BTC/USD charts golden cross for the first time since 2015
- BTC/USD went up from $5,380 to $5,528 this Tuesday.
- BTC/USD has not traded this high since November 2018.
The 200-day simple moving average (SMA 200) and the 50-day simple moving average (SMA 50) curves on the BTC/USD daily chart have crossed over and created the golden cross pattern for the first time since 2015. In the process, the market enjoyed a bullish breakout after it has been trending in a channel for six days. This Tuesday, the price went up from $5,380 to $5,528, reaching a high of $5,630.
BTC/USD Daily Chart
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- The bulls will aim to garner enough momentum to take the price to $6,000.
- The signal line has intersected with the MACD line, showing that market momentum has shifted from the bears to bulls.
- The relative strength index (RSI) curve has crept into the overbought zone.
- The last six sessions in the Elliot wave oscillator have been evenly split between the bulls and the bears indicating that the market has been consolidating.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
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