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