Bitcoin Poised to Form Golden Cross That Could Extend 2021 Rally

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Bitcoin is looking at an imminent crossover between its short-term and long-term moving averages, a phenomenon that many professional traders consider as a cue for future price rallies. Dubbed as the “Golden Cross,” the convergence is a positive momentum indicator, occurring when an asset’s 50-period moving average moves above its 200-period moving average. It comes in three stages. The first one requires that a prevailing downtrend bottoms out as selling sentiment depletes. In the second stage, the 50-period MA jumps above the 200-period MA for a breakout confirmation. Meanwhile, the last stage sees a continuation in an uptrend to higher price levels. Based on what Bitcoin prices have displayed in the last two weeks, the cryptocurrency looks to be jumping from stage one to stage two. Bitcoin is close to forming a golden cross pattern. Source: BTCUSD on Bitcoin Bottoming Out? The BTC/USD exchange rate showed signs of bottoming…

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