$BTC #BITCOIN - HOW STRONG IS THE GOLDEN CROSS SIGNAL?
BTC #Bitcoin - Before you start quoting "golden cross" to me, I would ask you to note the prior death cross and proximity to price. With any moving average cross you, the closer the price is to the MAs the better, so that as little as possible of the move is already baked in. Just as with a candle signal you would look for volume to judge the strength, the same thing applies here in that you can use proximity to price to help you judge how strong the signal is.Let's look back just a couple of months, and note the Death cross on March 20th. That pretty much marked the short term bottom, and at that point the cross was roughly $1658 from the price. We can see here a great example of a lagging indicator, and one whos signal is mostly already baked in due to the proximity of price to the cross.
We are seeing right now with this "Golden Cross" the same thing, and the price as I post this message is roughly $1696 from the cross.
Food for thought. Let me know what you think!
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Cheds
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