Bitcoin is two days away from forming new golden cross, crypto analyst says

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What happened: Crypto-trader and pseudonymous analyst Rekt Capital believes Bitcoin (CRYPTO: BTC) is just two days away from the formation of a new ‘Golden Cross’ trading model.

New #BTC Golden Cross is just two days away $ BTC #Crypto #Bitcoin

– Rekt Capital (@rektcapital) August 11, 2021

A golden cross is a bullish technical indicator that occurs when the 50-day moving average crosses the 200-day moving average.

According to Rekt Capital, if Bitcoin continues to hold $ 45,000 or deviates further, then the Golden Cross is expected to take place in the coming days.

A golden cross would completely invalidate the death cross observed on June 29, according to Rekt Capital.

Unlike its bullish counterpart, a Death Cross indicator signals the onset of a bear market and occurs when the 50-day moving average falls below the 200-day moving average.

By the way, Rekt Capital was one of the first to warn of Bitcoin’s imminent death cross in June, even predicting that the consequences could lead to Bitcoin’s price falling below the 20 mark. $ 000.

However, since Bitcoin has never lost support at $ 29,000, the previous Death Cross was never “fully validated”, according to him.

Also Read: Ethereum Trading Volume On Coinbase Surpasses Bitcoin For The First Time In Q2

Now, it looks like the best price action case has been played out for the primary digital asset.

“If we get this golden cross, we will have this death cross completely invalidated … and we will have a period of large-scale re-accumulation,” the analyst noted in a YouTube video.

“As long as the price is higher than this EMA [200-day moving average], that means investors are long-term optimistic about Bitcoin, ”he added.

Price Action: As of going to press, Bitcoin is trading at $ 46,492, gaining 3.21% in the past 24 hours.

The market-leading digital asset has grown 18% in the past seven days and now has a market cap of $ 865 billion.

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