In the past seven days, Bitcoin (BTC) has once again reached the $ 50,000 level. However, in the analysis of Transfero, the BRZ stablecoin issuer, it is still difficult to pass this milestone and therefore stay above this level.
“There is a bearish movement that does not let BTC exceed the current price and, on the contrary, the bullish that prevents the break of the support of $ 47,000. This causes a kind of ‘power cable’, which causes Bitcoin to stay inside out of this $ 3,000 range, “assessed Transfero’s Crypto Prime brokerage chief Wander Guedes.
Also according to the expert, the graphical analysis allows the visualization of this movement.
Guedes believes that there are several factors that can influence the market, but the bullish movement has been taken advantage of.
“This can be seen not only in Bitcoin. The total market capitalization is above USD 2.2 trillion and the altcoin market has risen by around 40% in the last month, “he noted.
According to the Transfero analyst, the bear (betting on a fall) can support the Fear & Greed index, which is around 75 points.
“The last times the index reached this level, there was a correction, which brought the price to close to $ 47,000,” he said.
However, according to Guedes, the bull (betting higher) has more elements that bring optimism, which could indicate the breakout of the $ 50,000 barrier.
“The long-term trend is still bullish, which can be seen in our latest analysis (week ending August 26), which shows that the daily closing prices remain above the 200 moving average. Furthermore, the ‘golden crossover’ (upward crossing of the 50-period moving average over the 200-period moving average) is getting closer and closer, ”he said.
In addition, Guedes pointed out that the proportion of put and call options is at 0.571 (as of September 2).
“This indicator shows the volume of put options in relation to call options. When it is above 1, the volume of put options is greater than that of call options, indicating a bearish bias in the market. When it is below 1, which is the current case, with higher volume on the call options side, the market has an optimistic sentiment, which indicates an upward trend, ”he explained.
Indecisive Bitcoin and Chailink on the upside
While the price of Bitcoin is undecided on its move, The value of Chainlink, one of the main cryptocurrencies in the market, is in a consolidation phase, while the rest of its counterparts have already risen more and some have even set new all-time highs.
However, according to the analyst Akash Girimath from FXStreet, the recent breakout paved the way for an explosive uptrend to emerge.
Girimath points out that eChainlink’s price reached $ 29.37, and in doing so, LINK lowered the resistance level but was unable to sustain the mark for long. However, he notes that although the initial explosion was stopped by the resistance level at $ 30.72, LINK is likely to continue to climb.
“Although most altcoins have rallied exponentially, some like Chainlink have yet to do so. Assuming increased buying pressure, LINK will convert $ 30.72 as support, aiming for a rise to $ 35.35.” said.
He notes that if the bulls manage to break above $ 35.35, the cryptocurrency will have an open path to $ 42.67, roughly a 21% increase from the high range. If buying pressure persists beyond that point, Chainlink’s price is likely to try to touch $ 50.
This move would represent a nearly 100% rise from the 50% Fibonacci retracement level at $ 25.17.
“On the other hand, a collapse of the midpoint of the trading range at $ 25.17 will indicate that the breakout was a failed attempt. In that case, if the bears push the Chailink price to produce a minimum turn below the support level of $ 23.89, the bullish thesis will be invalidated, “he said.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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