Bitcoin scores a ‘golden cross’ — and now everyone is bullish

4/23/2019 9:39:00 PM

Are more gains for bitcoin in sight?

Banks, Us:Btcusd

Are more gains for bitcoin in sight?

Once beaten down, bitcoin aficionados are growing louder by the day as the digital currency continues its comeback.

On Tuesday, the best-known digital currency surged through $5,500, trading at a five-month high and homing in on key resistance around $6,000. And as momentum picks up, a closely watched bullish indicator suggests further gains are in sight.“The technical picture for [bitcoin] is looking increasingly bullish on the daily charts with the fabled bullish ‘golden cross’ slowly coming into play,” said Lukman Otunuga, research analyst in a Tuesday note.

A golden cross occurs when the 50-day moving average crosses above the longer-term 200-day moving average, an infrequent event where short-term momentum overtakes a broader longer-term trend. And in midmorning trade on Tuesday the bullish indicator was hit with the 50-day moving average at $4,489 and the 200-day at $4,478.

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Once beaten down, bitcoin aficionados are growing louder by the day.Amazon.2 Min Read Oakland Athletics slugger Khris Davis signed a contract extension Thursday that covers the 2020 and ‘21 seasons for a reported total of $33.12:43 PM ET Mon, 7 Jan 2019 Nili Gilbert of Matarin Capital joins CNBC's "Fast Money Halftime Report" to discuss where she sees a market bottom.

On Tuesday, the best-known digital currency surged through $5,500, trading at a five-month high and homing in on key resistance around $6,000. And as momentum picks up, a closely watched bullish indicator suggests further gains are in sight. investors should be warned that Wall Street may be a bit complacent on the e-commerce and cloud giant’s stock, ahead of the first-quarter earnings report due out after Thursday’s close. “The technical picture for [bitcoin] is looking increasingly bullish on the daily charts with the fabled bullish ‘golden cross’ slowly coming into play,” said Lukman Otunuga, research analyst in a Tuesday note. Apr 11, 2019; Baltimore, MD, USA; Oakland Athletics designated hitter Khris Davis (2) looks on in the ninth inning against the Baltimore Orioles at Oriole Park at Camden Yards. A golden cross occurs when the 50-day moving average crosses above the longer-term 200-day moving average, an infrequent event where short-term momentum overtakes a broader longer-term trend. And all 45 of the analysts surveyed by FactSet are bullish on the stock for the past month. And in midmorning trade on Tuesday the bullish indicator was hit with the 50-day moving average at $4,489 and the 200-day at $4,478.

In most recent trade a single bitcoin BTCUSD, +4. As famed economist John Maynard Keynes supposedly explained, the central principle of investment is to go against the general opinion, because if everyone is bullish, that investment is inevitably expensive and therefore unattractive. Home runs have become the 31-year-old’s niche, as Davis has produced three consecutive 40-plus homer seasons since joining the A’s.47% fetched $5,576.99, up 3. Don’t miss: Amazon earnings: Revenue comes into focus in 2019.6% since late on Monday. An MRI revealed no structural damage, but bruising and soreness limited his mobility. The digital currency has gained more than 70% since its cycle low in mid-December. Either way, there is a reason for investors to expect to be surprised.

Read: Don’t look now, but bitcoin is showing signs of life Adding to the growing sentiment, data compiled by DailyFX show retail traders are becoming more bullish. DailyFX said, 80.2% move in the stock in either direction on Friday. The Tigers recalled infielder/outfielder Brandon Dixon from Triple-A Toledo to fill the vacant roster spot.9% of retail traders are now long net-long bitcoin. Additionally, their data shows retail traders are even more bullish some smaller digital currencies, or altcoins, with 97. That means based on current levels — the stock AMZN, +1.7% of traders are net-long Ripple’s XRP coin, XRPUSD, -0. He had thrown 2 2/3 scoreless innings with five strikeouts to that point.

40% 92.4% Monday — buyers of the straddle will start making money if the stock rallies above $1,962.1% net-long Ether ETHUSD, +1.12% and 92.84. The White Sox recalled outfielder Ryan Cordell and right-handed pitcher Carson Fulmer from Triple-A Charlotte.2% are net-long Litecoin. LTCUSD, +0.7%, with the average on 11 gaining days of 6.

18% However, others say the turnaround goes beyond the fabled golden cross. “Bitcoin’s price is up almost 50% since the start of 2019.6%. Instead of obsessing over the volatile price movements, it is important to stay focused on the underlying fundamentals of the transaction settlement network,” said Anthony Pompliano, founder and partner at Morgan Creek Digital, citing the improving hash rate — a measure of bitcoin miners performance — and the continued rise in transactions on the bitcoin blockchain. “Those that have the patience and discipline to stick around will be rewarded handsomely,” he added.4% and 7. But the crypto-resurgence has come too late for some.

On Tuesday, The Wall Street Journal reported that SoftBank 9984, +0. And after KeyBanc Capital analyst Edward Yruma upgraded Amazon to overweight last month, the bullish calls became unanimous, with all 45 analysts surveyed by FactSet rating the stock the equivalent of buy.31% founder Masayoshi Son lost $130 million on a personal bet on bitcoin. The WSJ said the investment came near the peak of bitcoin in late 2017.32, which is 14% above current levels. Read: SoftBank founder Masayoshi Son reportedly lost $130 million of his personal fortune with bitcoin Providing critical information for the U.S. At least 90% of the ratings have been bullish since October 2017, with the non-bullish ratings being neutral, or hold.

trading day. Subscribe to MarketWatch's free Need to Know newsletter. “Clearly, Amazon is and has been a consensus long for a good long time,” said Art Hogan, chief market strategist at National Securities Corp. Sign up here. Aaron Hankin Aaron Hankin is a MarketWatch reporter in New York who covers cryptocurrency and financial markets.” And Ari Wald, head of technical analysis at Oppenheimer, said the bullish call on Amazon is two-fold: From top-down, as macroeconomic conditions and a flat yield curve favor large-capitalization growth stocks, and from bottom-up, given a bullish long-term technical foundation. We Want to Hear from You Join the conversation Comment .