In “Crypto Long & Short,” GWilliamsJr_CMT wades into a hot topic: Should traders be excited that $BTC and $ETC are both nearing a golden cross?
This week, Glenn Williams Jr. addresses one of the hotter debates in cryptocurrencies at the moment: How traders should feel about bitcoin and ether possibly achieving a “golden cross,” a popular indicator from technical analysis.
As I examine the history of bitcoin, what stands out to me most is just how few times a golden cross has occurred. Since Jan. 1, 2015, there are just six instances when the 50-daycrossed above the 200-day EMA. It’s even more rare for Ethereum’s ETH, which has experienced just three golden crosses since 2017.
The best 30-day return happened when BTC soared 67% in April and May 2019 following a golden cross. The worst period was the 18.2% loss in May and June 2018. Taking a step back, though, it is striking that for four of the five assets reviewed , gains were positive 30 days following a golden cross. Over time I think it makes sense to apply the same process to a wider range of cryptocurrencies to identify patterns, if they do indeed exist.
After last week’s Federal Open Market Committee meeting, which resulted in only a 25 basis point rate increase, traders interpreted Chairman Jerome Powell’s relatively balanced comments as an indication the central bank will soon slow its efforts to tame inflation via hikes – fueling the continued buying spree in markets for anything and everything not bolted down.
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