Bitcoin prints life cross

27 paź 2024

Sharing an observation brought to my attention from a follower, a life cross or golden cross print has confirmed on the daily chart of Bitcoin price action.

First a definition, a life cross is:

1) The 50 day SMA (blue line) crosses up the 200 day SMA (red line).

AND

2) Price action is above the 200 day SMA.

Currently both conditions are true.

The last print, October 2023 saw price action rally 160% after the confirmed Life Cross.
Should we expect the same this time?

Not immediately on looking left (charts below). Previous life crosses on confirmation (as is now) were met with a nasty correction in price action before the rally continued. See below.


February 2023, 15% correction


September 2021, 16% correction


May 2020, 13% correction


April 2019, 13% correction



Should we except the same with the October 2024 life cross?

As it turns out there’s a little trick you can do that tells you the answer.

I’ll save that reveal for somewhere else!

Ww

6 lis 2024

Zlecenie zamknięto ręcznie

Life cross and boom confirmed.

11 lis 2024

Uwaga

Many messages outside the public idea received. Thanks to all who got in touch with positive messages, gives me a reason to keep publishing.

Bbefore the 22k move in price action from 67k few folks would accept the significance of a life cross print.

Some highlights from those who thought otherwise :-)




syin08
Oct 28
You chose to forget the 02/18/2020 cross followed by a 60% correction, Amigo:)


SwallowPremium
Nov 7
I'm not convinced that the life cross is a strong bullish signal. The market is still in a downtrend, and a reversal could take some time.


IasEn
Nov 6
Volume is low on this pump... Cautious advised here.

20 lis 2024

Uwaga

$107 to 108k is the first resistance of this "pump", not 100k as is widely expected.

How do I know?
That's my little secret. Will say why elsewhere.

25 lis 2024

Uwaga

Are we about to see a test of 69.5k past resistance as support before continuation?
Leave your thoughts below!

26 lis 2024

Uwaga

Pack it up pack it in, did you get the note? The top is in...

Actually not really.. 89k is the first support you want to see hold, if not then 82k. If the latter, this market rally continues into the Spring of 2025 with January literally being the most boring trading month you'll know, so enjoy the outdoors and return in February.

5 gru 2024

Uwaga

Despite the suspected liquidation event just gone, forced sell at 91.5k ?? that was an opportunity.



Stay away from leverage folks. The leveraged positions operated by Micro strategy will cause an even greater event when forced to liquidate.

7 sty

Uwaga

Price action rocketed up 70% since the life cross.

Price action now hangs on a knife edge of the 50 day SMA, will it hold?
Will it fail and start a collapse to 72k?

A collapse to those lower levels would bring Micheal Saylor's Bitcoin fund dangerously close to forced liquidation as creditors demand return of borrowed money.

Imagine 110,000 Bitcoin flooding into the market as sell volume after a 30-40% correction.

Exciting times!

Daily