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HomeNews"Impulsive" recovery for Bitcoin? Solana (SOL) continues to lead altcoin recovery

“Impulsive” recovery for Bitcoin? Solana (SOL) continues to lead altcoin recovery

A volatility in Bitcoin (BTC) was already overdue and an analyst believes it will rise to 50,000 US dollars “impulsively”.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: “Relax and Wait” for Bitcoin Breakout

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair continued to hover around $ 46,000 on Thursday and the market is worryingly quiet.

On Tuesday, positions were closed en masse, causing Bitcoin to plummet $ 9,000. Analysts have attributed this to traders who speculated with very large levers.

The bottom of the dip at $ 42,800 has not been retested, but a further decline is still possible, as popular trader Crypto Ed says.

“Looks like a bullish pennant. Impulsive rebound and then consolidation,” he says summarized. To do this, he uploaded a current chart on Wednesday.

Relax and wait for the breakout. All wrong if he breaks in again. “

BTC / USD scenario. Source: Crypto Ed / Twitter

Trader and analyst Rekt Capital is a bit more optimistic and expects Bitcoin’s 50-day moving average to be retested, which is a potential turnaround.

“For the first time, BTC is testing the 50-day blue average as a support after converting it to support in late July,” he said noted.

“The 50-day average is important in gauging biblical momentum, as it usually indicates established upward trends.”

BTC / USD 1-day chart (Bitstamp) with 50-day average. Source: TradingView

Altcoins recover: Solana climbs to over $ 200

And when big altcoins the development is much better. This supports the hope of a positive outlook for Bitcoin in the short term.

In this context: Price analysis, September 8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

The BTC / USD pair stagnated overnight, but the remaining top 10 cryptocurrencies by market cap posted solid gains of at least 4 percent.

Ether (ETH) rose 4.5 percent to $ 3,074 while Cardano (ADA) rebounded to over $ 2.50.

Solana (SOL) continues to stand out, now trading at over $ 200 after the coin rose 32 percent in just 24 hours.

SOL / USD 1-hour candle chart (FTX). Source: TradingView

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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