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bitcoin golden cross future

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

Tony "The Bull" by Tony "The Bull"
3 months ago
in BTC
Reading Time: 2 mins read

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.

Related Reading: This Fractal Suggests Bitcoin Price Could Nearly Double In 30 Days

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.

BTC1!_2023-03-02_13-06-21

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.

Related Reading: Bitcoin Golden Cross Versus Death Cross: Why The Outcome Is Critical

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
Tags: bitcoinBitcoin CME Futuresbitcoin futuresbtcbtcusdBTCUSDTCMECME futurescryptogolden crossmoving averagesxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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