While the current trend may be overextended, a Golden Cross of the 50 : 200 MA forming on the Bitcoin charts. Notable because for over a year, it has been generally trading below the 200 MA. These averages don't guarantee price movement, but for the first time in a long time, these averages are moving in a pattern that is favorable to sustain an uptrend.
This chart makes use of my first published script which plots Volume Weighted Moving Averages (VWMA). For reference, it plots the SMA. The VWMA tends to move faster & shows the convergence is coming up within 1, possibly 2 weeks at the most (the VWMA crosses first). Note: For my dotted projection lines, I eased off already charted upturn in the 50 MAs.
Many other coins are showing this pattern. Run my script on them and you will see some are even closer than bitcoin. This could be an exciting week coming up.
This chart makes use of my first published script which plots Volume Weighted Moving Averages (VWMA). For reference, it plots the SMA. The VWMA tends to move faster & shows the convergence is coming up within 1, possibly 2 weeks at the most (the VWMA crosses first). Note: For my dotted projection lines, I eased off already charted upturn in the 50 MAs.
Many other coins are showing this pattern. Run my script on them and you will see some are even closer than bitcoin. This could be an exciting week coming up.