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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Total Crypto Market Triggers Golden Cross, Despite “Deadly” Bitcoin Counterpart

Tony "The Bull" Severino
Tony "The Bull" Severino
2 years ago
3 mins read
total crypto market cap golden cross

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The chart representing the total crypto market cap in aggregate has triggered a golden cross on daily timeframes. 

While the crossover of two important moving averages is typically a buy signal, Bitcoin, is close to confirming the opposite signal — a death cross — on a higher, more dominant timeframe. Will Bitcoin bears take back control over crypto, or will the golden cross help to pull the entire market — including BTC — higher?

Total Crypto Chart To Golden Cross Just Below $1 Trillion 

The total cryptocurrency chart is calculated by TradingView and sums up all the different crypto assets out there into one price index. It helps tell the world exactly how much crypto as a whole is valued. 

Currently, the total crypto market cap is below a critical line in the sand: $1 trillion. After reaching above the level for the first time in months, the index pulled back and is trying to find support and is consolidating just below resistance. 

TOTAL_2023-02-13_13-35-08

A golden cross will confirm at the end of the day | TOTAL on TradingView.com

Despite the pullback across the crypto market, today’s price action will trigger a golden cross following tonight’s daily close. A golden cross occurs when a short-term moving average crosses above a long-term moving average from below. 

Related Reading

bitcoin golden cross death cross

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

2 years ago

In this case, the crossover is of the 50-day and the 200-day moving averages. A golden cross signals to the market that the trend is potentially changing and could lead to sustainable upside. 

But The Bitcoin Death Cross Could Put Bears Back In Control

The ominous-sounding opposite of a golden cross is a death cross. Bitcoin, the most significant weight in the total market cap chart, could confirm a death cross on the weekly timeframe. 

BTCUSD_2023-02-13_13-36-07

If Bitcoin doesn't rally by Sunday, the weekly could confirm a death cross | BTCUSD on TradingView.com

Weekly timeframe signals tend to be more dominant than daily signals, which could mean bears take back control over crypto. But if crypto rallies hard enough it could uncross the weekly bearish crossover in BTC and drag the rest of the market higher — Bitcoin included. 

Related Reading

bitcoin bull RSI

Bitcoin Weekly RSI Reaches Line Between Bear & Bull Market

2 years ago

Notably, if BTCUSD closes at these levels by week’s end, it would mark the first time in Bitcoin history that the weekly signal confirmed.

Regardless of Bitcoin’s weekly outcome, the total crypto market cap should golden cross today after the daily close, making the rest of the week a nail biter until the very end.  

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
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Tony "The Bull" Severino
Tony "The Bull" Severino

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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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

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.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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