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    Home News Crypto News

    Bitcoin Price Just Death Crossed, But Last Time Led To Historic China Pump

    Andy K by Andy K
    March 25, 2020
    in Crypto News
    Reading Time: 3min read
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    Bitcoin Price Just Death Crossed, But Last Time Led To Historic China Pump
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    Bitcoin price just formed a death cross of the 50-day and 200-day moving average, a sign that typically signals to investors that the asset in question is in an unhealthy state and could see further downside.

    However, Bitcoin is anything but typical, and the last time this event occurred, the leading cryptocurrency by market cap broke records for the third-largest single-day pump on record. What’s happens this time around?

    Bitcoin Price Forms Death Cross, Is Another Record-Breaking Pump Incoming?

    The latest price action has caused Bitcoin price to drop so deep in value, that the first-ever cryptocurrency has formed yet another death cross – the third of the asset’s current bear market.

    A death cross occurs when a short-term moving average, in this case, the 50-day moving average, crosses a long-term moving average like the 200-day moving average.

    Related Reading | Seasonality in Bitcoin: Will Spring Bring a Return of Growth to Cryptocurrency? 

    This signals to investors that an asset’s bullish trend has begun to wane and could see an extended downtrend in the future. It’s also a sign that the asset’s long-term health is in jeopardy, triggering investors to sell.

    But in Bitcoin and cryptocurrencies, markets and investors don’t always behave as they normally do, and the last time the death cross formed was in the days leading up to the historic “China pump” rally that took Bitcoin price from $7,200 to $10,500 in less than 48 hours.

    The rally broke records for setting the third-largest single-day gain in the asset’s short, decade long history. Not bad for an event that is supposed to signal death for an asset.

    Prior to the historic “Xi pump,” Bitcoin price formed another death cross in late March 2018, then rose on Easter Sunday from “death,” and went on a powerful rally.

    None of these powerful rallies have sustained, giving the death cross credence as an ominous signal that investors clearly pay close attention to.

    bitcoin price chart death cross

    Golden Criss-Cross Make You Wanna… Pump, Pump

    It’s important to note that these moving averages are closely tightening and converging more often than normal.

    In late May 2019, Bitcoin formed a golden cross. After the “China pump” death cross, Bitcoin price formed yet another golden cross as the asset was breaking down from $10,000 in late February, just ahead of the panic-selloff that crippled markets two weeks ago.

    We dump on golden cross and pump on death cross 😂

    — what’s in the name (@Ridewithmebit) March 25, 2020

    Now, another death cross has formed, but with the moving averages so tight, even only a small rally would already put another golden cross on the table.

    Related Reading | Stocks Limit Up, Gold Revisits High, is Bitcoin About To Pump? 

    And when moving averages converge like this, it could be a signal that a long-term trend change is underway,

    Read More From Original Source

    Tags: bitcoinBTCUSDchina pumpdeath crossGolden Crossmoving averages
    Share1622Tweet1014
    Andy K

    Andy K

    Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

    Fun Fact : Andy's nickname in the office is 'Crypto Head' due to a small 'bitcoin' tattoo behind his left ear (now that's dedication to the industry)

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