The concurrent appearances of bullish golden crosses on bitcoin and the S&P 500 might spur risk taking across the wider market. The crossover, however, is unreliable as a standalone indicator. reports godbole17
) and Wall Street's benchmark equity index, the S&P 500, are on the verge of hitting an easy-to-track bullish technical signal, the golden cross, that often makes traders giddy with delight.
Bitcoin will likely see its first golden cross since September 2021 in the next week or two, according to charting platform TradingView. Meanwhile, the S&P 500's averages appear on track to produce the golden cross on Thursday. The white line represents the 200-day SMA and the other represents 50-day SMA. Golden crossovers of February 2012, October 2015 and May 2020 lived up to their reputation, as seen in the upper pane. Crossovers seen in July 2014, July 2015 and February 2020 were bull traps )
The cryptocurrency saw a notable price rise following the golden crossovers of April 2019 and September 2021. But these gains were fleeting.
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