An ominous sign for Bitcoin…
So, is a sensational ‘cross’ headline going to be right this time?
I have not linked the article because it’s behind a pay wall. If you want to pay to read about this contrary indicator have at it. You can do so here: CNBC.com
A DEATH CROSS of the SMA 50 below the SMA 200 happened back in June, 2 months after the top. Yeah, nice warning. You sold that ominous signal, you sold the bottom.
Now we have a new warning from this most useless of TA novelties – which I swear the media picked up on from some TA somewhere and just cannot let go of – to prepare to be bullish because well, it’s a GOLDEN CROSS!!! you know.
I have no horse in the crypto market right now and don’t actually care which way it goes. But in my experience much more often than not when casual market players listen to TA garbage like death and golden crosses they then get hammered. It’ll be interesting to see how this one turns out. Maybe the media squirrel will finally find its nut.
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