By : Not everyone is convinced that ’s highly-touted “” is a bullish signal for the world’s largest .
Almost 25% of Crypto Investors Believe Golden Cross is Bearish for bitcoin
According to a Twitter conducted by crypto bull Thomas Lee, 24% of Crypto Twitter inhabitants believe that the signal, which typically hints at a bull run ahead, is a trap and that it is time to unload some . A golden cross occurs when a 50-day moving average crosses the 200-day moving average from under on the daily chart.
Being a typically-bullish signal, it did not come as a surprise for the largest number of respondents to say it is a good time to buy. However, it was not by a convincing margin. Only 43% of the respondents said the golden cross was a green light to purchase in anticipation of a imminent rally.
SURVEY: golden cross (50D crosses above 200D) today.
What is your reaction to this Golden Cross
— Thomas Lee (@fundstrat)
Majority of BTC, XRP, and ETH Traders are Net-long
Despite the survey, the formation of ’s first golden cross since October 2015 has been greeted with excitement. Based on precedent, a bull run could be . After the last golden cross, the bull run lasted until early 2018.
Sentiment has also turned bullish, and this is supported by factors other than technical analysis. Data compiled by forex exchange firm DailyFX also that 81% of retail traders are now net-long .
With , the percentage of retail traders who are net-long is even higher. About 97.7% of retail traders are net-long (XRP) while 92.2% are net-long . Around 92.1% are net-long .
bitcoin Price Defends $5,350 – Confirmation of a Bullish Trend?
EToro Senior Market Analyst Mati Greenspan opines that a bull run has been confirmed. This is based on the fact that has broken the $5,350 resistance level, turning it into a new support area:
“Some people will want to wait until today’s close for confirmation but in my mind, this box is ticked. Following the extraordinary surge on April 2nd, many people were looking for some sort of continuation and now that we’ve broken the interim resistance of $5,350 it seems we have one.”
In some quarters though, the formation of the golden cross has been greeted with skepticism. Even in Lee’s survey, 19% indicated that they had no faith in technical analysis, calling it “voodoo.”
As proof of the unreliability of using technical analysis to predict prices of tradeable assets, crypto trader @cryptorandyy pointed out that there had been another golden cross in July 2015, which ended with the price nosediving by nearly 50%.
Everyone Retweet This to spread the word! ⭐️
That golden cross everyone was talking about in October 2015…. haha they didn’t mention the other Golden Cross that happened 3 months earlier in July!
It was a fail! nose dived almost 50% and many got liquidated!
— Randy (@cryptorandyy)
Published at Thu, 25 Apr 2019 15:39:43 +0000
