While the market doesn't have a bullish posture whatsoever, the 3-day 50/200 Golden Cross is just about to occur which usually would be super bullish, remember the same 50/200 Death Cross in November that caused last year's fallout. The cross will definitely occur on the 30th candle but will market react? Consensus seems to be to $8500 before rebound, but history would suggest otherwise if traders are looking at this historical cross that only occurs maybe once a year.
Consensus seems to be to $8500 before rebound, but history would suggest otherwise. What do you mean? The cross will happen with a move down to that level or even 8800 or 8600. The cross would also happen with a spike up from here. History on the 3D is suggesting that we hit the 38MA or 21 EMA. Thoughts?
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@oaksacorn, I just meant that historically, when this closs to such a profound moving average cross there usually isn't another $1000 drop (to $8500), however I can clearly see all the other signs pointing to such a move, but frankly, I'm surprised there hasn't been more positive price action. The 38ma or 21ma, on the 3-day I'm assuming since that is what is being discussed......I would say those are valid propositions indeed. Thanks for the respose bud, all the best