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Bitcoin May Reach $8,800 Following Short-Term Cross Data

A widely tracked short-term bitcoin price rate demonstrates bullish dynamics, strengthening the chances for a test of a pivotal border above $8,800.

![bitcoin to reach fresh scale][1]Photo: Pixabay

The 50-hour MA of a cryptocurrency overcame the 200-hour moving average, marking the so-called “golden cross” being the signal of nothing but a bullish hint.

MA data are usually based on backward-looking reports and fail to keep pace with prices. The phenomena of golden cross, therefore, is widely regarded as a lagging benchmark, in particular when it appears on diagrams of comparatively long duration. Meantime the charts of a shorter period of time show prices closely and could be considered as more faithful indicators, which set the tone for further moves.

For example, the most known cryptocurrency, Bitcoin drew bids and grew from $8,150 to $8,820, serving as an actual recovery development from $7,800 following the October, 9 golden cross marked on the hourly chart.

The same thing now could follow with acceleration of the ongoing growth rally, triggering the prices up, to touch $8,820.

As for the moment of writing the well-known cryptocurrency added 0.65 percent, to touch already the border of $8,264 at 11.38 GMT on Tuesday.

The possibility to break the resistant rate of $8,318 is a feasible one already and it’s not too far from the sought border above $8,800.

As for the rest of the cryptocurrencies, the rates are as follows: the digital currency №2 after Bitcoin, Ethereum slipped by 0.13 percent on Tuesday, to $173.47. Ripple gained 1.04 percent, to $0.2955, Bitcoin Cash eased by 1.83 percent, to $230.80 and Litecoin lost 0.33 percent, to $54.49 at 11.45 GMT.

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