Bitcoin prints life cross
Updated
Sharing an observation brought to my attention from a follower, a life cross or golden cross print has confirmed on the daily chart of Bitcoin price action.
First a definition, a life cross is:
1) The 50 day SMA (blue line) crosses up the 200 day SMA (red line).
AND
2) Price action is above the 200 day SMA.
Currently both conditions are true.
The last print, October 2023 saw price action rally 160% after the confirmed Life Cross.
Should we expect the same this time?
Not immediately on looking left (charts below). Previous life crosses on confirmation (as is now) were met with a nasty correction in price action before the rally continued. See below.
February 2023, 15% correction
September 2021, 16% correction
May 2020, 13% correction
April 2019, 13% correction
Should we except the same with the October 2024 life cross?
As it turns out there’s a little trick you can do that tells you the answer.
I’ll save that reveal for somewhere else!
Ww
First a definition, a life cross is:
1) The 50 day SMA (blue line) crosses up the 200 day SMA (red line).
AND
2) Price action is above the 200 day SMA.
Currently both conditions are true.
The last print, October 2023 saw price action rally 160% after the confirmed Life Cross.
Should we expect the same this time?
Not immediately on looking left (charts below). Previous life crosses on confirmation (as is now) were met with a nasty correction in price action before the rally continued. See below.
February 2023, 15% correction
September 2021, 16% correction
May 2020, 13% correction
April 2019, 13% correction
Should we except the same with the October 2024 life cross?
As it turns out there’s a little trick you can do that tells you the answer.
I’ll save that reveal for somewhere else!
Ww
Trade closed manually
Life cross and boom confirmed.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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