Bitcoin Tops Resistance at $51K as Golden Cross Nears

BTC eyes first golden cross since May 2020

The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 6, 2021 Sponsored by     Bitcoin (BTC) +3.5%  $51,814 Ether (ETH)  +0.7%  $3,950 (Price data as of September 6 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Tops Resistance at $51K as Golden Cross Nears   Bitcoin eyes first golden cross since May 2020   Technician's Take: Will be back Tuesday.  And check out the CoinDesk TV show "First Mover," hosted by Christine Lee and Emily Parker at 9:00 a.m. U.S. Eastern time. 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Market Moves by Omkar Godbole Bitcoin Tops Resistance at $51K as Golden Cross Nears Bitcoin looks set to continue to rise after clearing a key resistance level, with charts hinting at a so-called golden crossover, a long-term bullish indicator.   On Sunday, the biggest cryptocurrency printed a UTC close well above $51,109, marking an upside break of the 61.8% Fibonacci retracement of the April-to-June sell-off.   The breakout could bring additional demand because chart traders often use Fibonacci ratios such as 61.8%, 38.2%, and 23.6% to identify support, resistance and trading opportunities. Bitcoin flips 61.8% Fib resistance into support (Source: TradingView) Last week also saw bitcoin break above other crucial hurdles at $48,644 and $49,105, Stack Funds' Head of Research Lennard Neo said, adding that the move looks sustainable. "The fact that BTC is trading above the 200-day MA gives further confidence that these critical levels are resistances turned support," Neo said, referring to the moving average.   "More interestingly, we have observed five out of six days of continuous bid momentum that outshine the offers. This further support the upside thesis for the digital asset, at least in the near term," he said.   Bitcoin consolidated above the 200-day MA in the past two weeks, building a base for Sunday's move above $50,000.   While the 200-day MA is steady near $46,100 at press time, the 50-day MA is trending north and looks set to cross above the former in the next few days. That would confirm a golden crossover, which occurs when the short-term average moves above the long-term measure. Bitcoin's 'golden cross' (Source: TradingView) Trend-following traders consider the golden cross as a buy signal and may hit the market with fresh bids. The previous instance of the golden cross, in May 2020, was followed by an 11-month climb that saw prices rise from $9,000 to over $60,000. It's not, however, a perfect indicator, having trapped traders on the wrong side of the market in February 2020 and July 2014.   Still, the latest golden cross is backed by bullish on-chain data showing renewed accumulation by large investors and a declining bitcoin balance on exchanges. Bitcoin is currently trading largely unchanged on the day near $51,800.   Read the original story here: Bitcoin Tops Resistance at $51K as Golden Cross Nears Technician's Take by Damanick Dantes, CMT   Will be back Tuesday!       A Message from ErisX ErisX provides an arsenal of trading tools for all levels of traders from novice to seasoned.  Choose from our Trading UI, Websocket API, or Algo Machine™ to  automate your trading strategies without having to write code. Algo features include "pegged order" and "order-on-fill". 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Plus, insights into crypto regulation, leveraged tokens, DeFi, altcoins, Web 3.0, business partnerships, altruism, and utilitarianism.   A Message from CoinDesk Introducing Crypto for Advisors, a weekly newsletter built specifically for financial advisors (FAs) and registered investment advisors (RIAs). Crypto for Advisors, delivered every Thursday, is designed to inform and educate financial professionals who seek to incorporate this rapidly moving asset class into their work. Subscribe today. Latest Headlines Crypto Long & Short: The Trouble With Ticker Symbols Investors are apt to get confused when multiple projects can claim the same ticker without an industry standard for exchanges to assign identifiers. Zee Studios Announces NFT-Drop on Polygon The Indian entertainment giant is offering an NFT of a signed poster from one of its movies. 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