The cryptomarket is rallying today from the emergence of a Bitcoin golden cross. Now, the majority of the top ten cryptocurrencies by market cap are in the green according to CoinMarketCap.
Bitcoin Golden Cross
Leading the rally with a 5% gain at the time of writing is Bitcoin (BTC). The current price of $5,599 USD per coin is a new high for Bitcoin in 2019, and the bulls are excited.
But the news gets better for Bitcoin fans because, as stated, the first Bitcoin golden cross since October 2015 has formed. A golden cross is a technical chart pattern that indicates a major rally is on the horizon.
According to Investopedia:
“The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.”
So with this bullish signal, Bitcoin looks set to change to a “long-term bearish-to-bullish trend.” If it can close above the $5,500 mark today, Bitcoin could rally to $6,000 USD in the coming days.
Tom Lee’s BMI
The Bitcoin golden cross isn’t the only signal to indicate a rally. Tom Lee’s Bitcoin Misery Index (BMI) is spurring on the positive sentiment also. Recently the Fundstrat Global Advisors founder stated that his company’s Bitcoin sentiment indicator recently touched a value of 89. According to his expertise, this means a “bull market is likely starting.” Lee noted that the BMI was over 50 throughout 2018 and has never appeared in a bear market.
On the other hand, Binance Coin (BNB) and Stellar (XLM) are down today, 2.17% and 0.29% respectively.
What do you think? Is the Bitcoin golden cross a strong indicator of a bullish run on the horizon?
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