Forget The Past, This “Future” Bitcoin Golden Cross Could Revive Bulls

Tony "The Bull" Severino

1 year ago

2 mins read

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On February 7, 2023, Bitcoin golden crossed on the daily timeframe using spot price charts. The bullish buy signal failed to produce any significant upside.

The same signal is close to firing on a “future” price chart, which could provide the upward movement that crypto bulls were expecting.

BTC CME Futures Chart To Golden Cross

In recent weeks, there has been a ton of discussion surrounding golden crosses and death crosses. As mentioned, to start the month, Bitcoin BTCUSD charts golden crossed on the daily timeframe. In the days that followed, BTCUSD one-week charts gave the opposite signal: a death cross.

Another one of these “golden” signals are coming up, but it is not on the BTCUSD chart. On BTC CME futures, Bitcoin is only days away from a golden cross of the 50-day moving average and 200-day moving average.

While the signal failed to yield significant results on spot exchanges, institutional traders could have more luck once triggered on the BTC CME chart.

BTC CME (left) versus BTCUSD (right) | BTCUSD on TradingView.com

When Will Bitcoin Go For The Gold?

A golden cross occurs when a short-term moving average crosses a long-term average from below. A death cross crosses from above instead. The two signals tell investors when to buy or sell ahead of a potential trend change.

Since the moving averages are calculated using each day’s closing price data, the lack of holidays and weekends on BTC CME charts creates a slightly different indicator reading. The signal produced is the same, but could prove to be a stronger confirmation than spot exchanges.

CME Group, otherwise known as the Chicago Mercantile Exchange, began offering its BTC futures contracts the precise day the 2018 bear market began. Considering its importance to Bitcoin price action, technical analysts often use the BTC CME charts in lieu of spot charts.

In the past, early signals or breakouts on spot exchanges have been false. Other signals like gaps, are only evident on BTC CME futures charts due to the same weekend or holiday downtime.

Will this upcoming golden cross be the confirmation signal bulls have been waiting for?

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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