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U.Today - Something rather uncommon is about to happen on Bitcoin’s price chart, something that does not fit into the usual textbook technical patterns traders rely on. It is not just a golden cross, and it is not just a death cross — it is both, forming at the same time on the daily time frame.
A golden cross is what traders tend to consider a positive sign: it appears when a short-term moving average crosses above a long-term moving average, often suggesting an uptrend is gaining momentum.
A death cross is the opposite and is widely seen as a bearish signal: it happens when a short-term moving average moves below a long-term one, hinting at possible downside pressure. Normally, traders see one or the other, but this time, the market is setting up for both.
The 23-day moving average is going up and will soon cross the 200-day moving average. When that happens, it will be a golden cross. The 50-day moving average is on the verge of crossing below the 200-day moving average, creating the conditions for a death cross.
Meanwhile, Bitcoin’s currently sitting below the 200-day moving average at $85,200, showing a 3.36% gain since the start of the week.
So, what’s next? There is no clear answer as this combo does not happen often, so it is open to different interpretations.
Some are pointing to the golden cross as a sign that the trend is likely to continue, while others are watching for the death cross, which is often seen as a sign of weakness.