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.
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.
Additionally, their data shows retail traders are even more bullish some smaller digital currencies, or altcoins, with 97.7% of traders are net-long Ripple’s XRP coin, XRPUSD, -0.40% 92.1% net-long Ether ETHUSD, +1.12% and 92.2% are net-long Litecoin. LTCUSD, +0.18% Read: SoftBank founder Masayoshi Son reportedly lost $130 million of his personal fortune with bitcoin
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