What Is the ‘Golden Cross,’ and Why Are Bitcoin Investors Obsessed With It?

Many Bitcoin investors love looking at price charts and seeing the coveted ‘golden cross’. The ‘death crossing’, which is its dark counterpart, can also be a source of concern for YOLO-est investors.

Although cryptocurrency is relatively new, price charts are one of Wall Street’s oldest and most unusual trading strategies. It allows you to look for patterns in the up-and-down movements of prices. This controversial strategy is also the most debated. While some believe price patterns provide valuable information, others dismiss it as investing’s equivalent of astrology or tarot cards.

Strategists believe that Bitcoin market followers cannot ignore the hype surrounding a pattern on Bitcoin charts known as the “golden cross” regardless of their views on technical analysis. Talk about the indicator on specialist Web pages like CoinDesk or Cointelegraph could help to catalyze greater upward momentum, even if it is a self-fulfilling prophecy.

The trade of cryptocurrencies is ‘extremely technical’ because they don’t know what else to trade on. Mark Arbeter publishes a newsletter that analyzes the charts of various securities and indexes. “You cannot pick up an annual, quarterly, or any other kind of report and do a fundamental analysis.

What is charting?

Since Charles Dow’s 1884 publication of the Dow Jones Transportation Average, investors have been trying to find wider trends in financial markets. They chart prices and look for other indicators like trading volume and price movement averages. Technical analysts create trend lines on price charts based on these indicators in order to find turning points. These points can be broadly classified as:’support’ spots, where bounces are more likely to occur during selloffs; or’resistance’ spots, where rallies tend not to continue; or ‘breakouts’ and ‘breakdowns spots, where momentum should move in one direction.

Moving averages and momentum indicators are the most popular chart trends in cryptocurrency. They’measure the speed of either the up-trend, or the downtrend,’ says Arbeter. Arbeter. Moving averages can be either simple or exponential, with the former giving more weight to prices of recent years. The concept is simple: Take the daily price of a security, index or commodity over a specified period and add them all together. Divide by the number trading sessions.

Advertisements by Money. Click this ad to be eligible for compensation Ad

Start investing in crypto

How the death cross/golden cross should work

Chart lines that track moving averages, which form the bullish “golden cross” and bearish “death cross”, trace the simple 50-day as well as the 200-day moving mean of a stock or cryptocurrency over a longer period of time.

Bitcoin recorded the “death cross” in July. This indicates that the short term trend, expressed as the 50-day moving mean line, had accelerated downward by crossing under the long-term trend line (the 200-day moving mean). This was supposed to signal a break in the long-term upward trend, which began in March 2020. As it turned out, Bitcoin started a new rally in July.

The bullish side is called the golden cross. It occurs when the 50-day moving mean breaks above the 200 day moving average. Bitcoin was just a few days away from a golden cross, as of Sept. 6, according to CoinDesk. The 200-day moving average was at $46,100, and the 50-day was close to breaking that mark after a string above $50,000. The second week of September saw Bitcoin prices fall. Technical analysts believe that this would be the first time the gold cross appeared on a bitcoin chart for more than a decade. This suggests a breakout to a more dramatic rally.

Is the golden cross actually worth it?

Arbeter, who started following stock charts on Wall Street in the week prior to the Black Monday, October 19, 1987, crash, said that there are many traders and algorithms that follow the Standard & Poor’s 500’s 200-day moving averages.

Arbeter says, “If you look back 100 years in time and see uptrends in major indexes, you will see that the 50-day worked back then…it is just something people pay attention too.”

Arbeter states that the indicators on the wild bitcoin chart are not as reliable. The July ‘death crossing’ marked an end to the downward trend and not an intensification.

The golden cross can still provide a reassuring signal for newcomers, according to Edward Moya (senior market analyst at OANDA), who specializes in foreign exchange. Charts have a lot of influence in this market. Moya sees a 50-day moving mean above 200-day as a sign that the short-term upward momentum has strengthened, decreasing the chance of a sudden crash.

Moya says that bitcoin is a place where you can see 20 percent plunges from nowhere and extreme drawdowns exceeding 50 the gold cross “relieves the concern that you’re trying catch a falling knife in one of those panic-selling frenzy frenzies.”

These Two Kids Are Making $30,000 A Month Mining Bitcoin

Ishaan Thakur (14 years old) and Aanya Thakur (9 years old) earn $30,000 each monthly mining bitcoin. This lucrative business is also growing during summer.

Ishaan Thakur, a 14-year-old, and Aanya Thakur, a 9-year old, have been working for the past few months to set up a profitable mining operation. The idea of a single computer on a desk in a small room has evolved into a whole business. It now has a home in a downtown Dallas data center that is rented and air-conditioned. The two brothers earn more than $30,000 each month mining bitcoin and two other cryptocurrency.

We started because it was a way to learn more about technology and make money. “We could have spent the whole summer playing video games. But instead, we used our spare time learning about technology.

Both siblings began with curiosity. Ishaan began watching YouTube videos and scraping the web for information on mining and related technologies. He then dived into the technicalities of setting up successive mining businesses.

Flifer Technologies was founded by Manish Raj, their father. He borrowed money to buy the equipment. Now, the company has Antminers in a Dallas-based, rented, and air-conditioned data centre. It was specifically built for mining operations. Raj said CNBC that they anticipate making around $36,000 in September, with all the equipment still to arrive.

Because they want to be eco-friendly, the siblings stated that they use 100% renewable energy in their mining. Ishaan stated that their total electric bill for both their home as well as the data center is just under $3,000

We moved from our desk to the garage because the noise and heat in the house made it too noisy. We outgrew the garage because heat and noise were too much for it,’ Ishaan said CNBC. The garage is now used for testing and building mining rigs. We move them when they are finished to an air-conditioned, professional data center in downtown Dallas.

Aanya and Ishaan said that they intend to reinvest the majority of the profits back into the company. However, they also hope that the mining operations will help them pay for college. Both siblings plan to go to Medical School. Ishaan plans to attend the University of Pennsylvania while Aanya would like to go to New York University.

Ethereum to exceed Bitcoin’s value within five years: deVere CEO

The CEO of one the largest independent financial advisory, asset manager and fintech companies in the world predicts that Ethereum will outperform Bitcoin in 2021. In the end, it will surpass its rival’s value.

After a few mixed days, Nigel Green, founder and chief executive of deVere Group, has made a prediction about deVere Crypto. This prediction comes after Bitcoin’s current market capitalization is at its highest.

Mr. Green commented: “Ethereum (ETH), is outperforming Bitcoin [BTC] and it can expect to continue this trend through the rest of 2021.

“Ether” is up about 240%, while Bitcoin is down less than 38%. It has actually outperformed all benchmark assets during the first half.

Two key factors are responsible for Ethereum’s success, according to deVere boss.

He says that Ether is more useful than Ethereum because it is the native cryptocurrency. This means that Ether is more in demand for smart contract development platforms. Its global financial utility is also highlighted.

‘Second: investor enthusiasm for the game-changing switch to ETH 2.0. This makes the Ethereum network significantly more scalable and sustainable as well as secure. These upgrades are a significant boost for Ethereum and blockchain technology in general.

He continued, “Ethereum is more valuable than Bitcoin and has technology advantages over its better-known competitor.”

“Ultimately, it will be worth more than Bitcoin in five years.

“That being said, I am confident that Bitcoin will surpass its all-time high of $65,000 in April and even surpass it by 2021.

DeVere boss, one of the longest-standing and most prominent crypto bulls. He was quoted as saying that crypto is the future.

These bold predictions were made following a live virtual event in which Elon Musk, Space X founder, and Jack Dorsey founder of Twitter, as well as Ark Investment’s Cathie wood, all spoke out for digital assets and discussed their huge future potential.

Nigel Green concludes that there will be peaks as well as troughs, but Ethereum’s climb to the top seems unstoppable.

AMC to Accept Bitcoin for Movie Tickets and Concessions by End of 2021

Monday’s earnings call by AMC featured discussions between the CEO and board members about cryptocurrency acceptance. AMC is the world’s largest movie theatre chain. It operates 7,967 screens in 620 theaters across the U.S., and 2,866 screens at 358 theatres in Europe. Adam Aron stated during the conference call that cryptocurrency was something he learned from his time on the Centricus Acquisition Corp Board.

Aron stated that he had learned more about blockchain and cryptocurrency in six months than he did in a decade. AMC CEO also added:

I am confident to inform you that AMC will be able to accept bitcoin by the end of the year.

Following the announcement, AMC shares started to climb, gaining a significant 3.36% during the last 24 hours, and AMC is also up a whopping 1,494% during the last 12 months. Wallstreetbets’ recent Wallstreetbets scandal is responsible for the AMC’s annual gains. Aron explained to the audience that the system must be online in order for people to purchase tickets and concessions using bitcoin.

AMC is looking to increase its revenue streams as shares are doing well. However, AMC was subject to 18 months of lockdown that closed down the entire AMC circuit. AMC reported that 91% of the U.S. theatre circuit was open for the public on March 26, just after some California theaters reopened.

Cryptocurrency prices today: Bitcoin tests $40,000 after falling sharply, Ether rises

Despite the weakness in cryptocurrency markets, Bitcoin’s value has remained at above $40,000 (Photo by Reuters)

After showing mixed trends during the week, cryptocurrency prices experienced a consolidation period over the weekend. As most cryptocurrencies fell, the weak momentum seen on Monday in the virtual coin market appears to have continued.

Bitcoin, the most popular cryptocurrency in the world, dropped marginally, but it was still above $40,000 at 12 :41 PM, down 3.28 percent. The market capitalization of Bitcoin remained steady at $755 billion.

Bitcoin declined while Ether, its closest competitor, rose to $2624.94, an increase of over 1.26 percent. Ether’s market capitalisation rose to $306 billion.

Despite the strong rally last week, many altcoins dropped today. The prices of XRP and Stellar, Cardano, Stellar Dogecoin Chainlink, Litecoin, Stellar, Stellar, Stellar, Stellar, Stellar, Dogecoin and Chainlink fell between 1.3 to 2.5 percent.

Edul Patel (CEO and co-founder of Mudrex), a global crypto trading platform based on an algorithm, commented on the weakness in cryptocurrency markets. He said that he was seeing a consolidation of most cryptocurrencies. This consolidation was expected after the strong rally of the last few days.

“The technical indicators indicated that Bitcoin and Ether were hovering at the local resistance levels. He said that the momentum of these coins at the moment would impact the rest of market movement.

“Over the next 24hrs, we can expect markets to remain somewhat indecisive. The market sentiment is neutral at the moment, according to Cryptocurrency’s Fear and Greed Index.