Bitcoin (BTC) price provisionally recovered $ 47,000 on Sept. 15 in a move that analysts say should lead the way to $ 50,000.
Bitcoin’s bullish momentum breaks free from retesting lows
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair held the $ 47,000 mark on Wednesday, and this was crucial to turn the situation upside.
The level had seen fierce defense from the whales the day before, but the bullish momentum finally won the upper hand., lifting Bitcoin out of a multi-day descending channel.
Even a slide to $ 46,000 failed to materialize, bolstering the optimistic case for short-term BTC price action.
There’s the 4HR candle close for #BTC
If a dip occurs to ~ $ 46100 from this point, it will likely be a retest opportunity to confirm a breakout from $ BTC‘s current market structure#Crypto #Bitcoin https://t.co/H8M59ihgLm pic.twitter.com/gveXn8v3Oh
– Rekt Capital (@rektcapital) September 14, 2021
This is the closing 4 hour candle for BTC. If there is a drop to ~ $ 46,100 from this point, it is likely an opportunity to retest to confirm a breakout from BTC’s current market structure.
Relative strength follows a golden crossover event of the BTC / USD pair, amid record low exchange balances, and an implicit supply squeeze.
This was even more evident on the daily chart, which, What he pointed the popular trader Pentoshi, produced a “bullish engulfing” candle that erased six days of side action.
“Back above 200DMA, now facing a bit of resistance at Monday’s high / September monthly open ($ 47,000 – $ 47,150)”, added analyst William Clemente.
“If those levels are exceeded, a fairly rapid move towards the August high of $ 50,500 could occur.”
Support Echoes Predictions of a Monthly Low Close
A look at the buy and sell levels on the large exchange Binance confirmed that resistance is now higher, just above $ 49,000, with clear support several thousand dollars below the spot price.
Support lines up with existing predictions for September’s monthly low close, which is $ 43,000. OctoberRather, it calls for a minimum monthly close of $ 63,000, close to a new all-time high for Bitcoin.