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FieryTrading
Aug 10, 2023 8:43 AM

🔥 Bitcoin 3-Day Golden Cross: Begin Or The End Of Bull Trend? 

BitcoinCRYPTO

Description

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As seen on the chart, Bitcoin has now experienced a golden cross on the 3-day chart. A golden cross means that the 50-period moving averege (blue) crosses the 200-period moving average (yellow) from below, which is often seen as a bullish thing in the financial markets.

Seeing that we only have two datapoints, we can't really make a statistically feasable forecast whether the price will go up or down from this point.

Another way to look at it is to argue how the market looks. Does the market look like it wants to go on some crazy bullish move, potentially even make new all-time highs in the next 6-12 months. Or, does the market look like it wants to stabilize, potentially even correct after several green months.

With both bullish and bearish outlooks being plausible, I think a bearish correction over the next months is more likely than a bullish move.

Share your thoughts in the comments below 🙏.

Comments
AZEB1A
Why would you favor a bearish move? BTC has been in an uptrend since Jan?? Makes no sense.
obo182
did you mean that's the begin of the bullish? look at 1D/1W
FieryTrading
@obo182, Nope, didn't say that. Just noting it's an important technical pattern, but has little statistical predictability
DeadCodeInspector
Begin
FieryTrading
@DeadCodeInspector, Why do you think that?
ceciliones
great chart
FieryTrading
@ceciliones, thanks a lot
SwallowPremium
We really like the structure you pointed out. It looks very solid. Thanks
FieryTrading
@SwallowPremium, Glad to hear mate
KlejdiCuni
Very good trading plan. Thanks for sharing with us.
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