Golden Cross Approaches and JPEGs Come to Bitcoin

Golden Cross Approaches

The golden cross is a commonly used technical indicator. It is characterized by the intersection of two moving averages, where a short-term average crosses above a long-term average. The most commonly used moving averages are the 50-day and 200-day. This crossover pattern is widely interpreted as a signal of a potential trend reversal from bearish to bullish, suggesting an upward momentum in the asset's price.

As demonstrated by the chart below, bitcoin’s 50-day SMA is rapidly approaching the 200-day and is likely to materialize next week, if not over the weekend. This ...