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BTC, which has pulled back to $44,890, after seeing local highs of $52,774 this week, needs to maintain two key moving averages to continue its rise, but analysis shows that BTC has failed in this regard. In its latest market update on Sept. 10, trading platform Decentrader warned that bulls do not have much of an edge over current price levels.

Is “golden cross” appearing on bitcoin chart?

Cryptocoin. com, Bitcoin started the weekend at the lows of $45,000 and is trading at $45,986 at the time of writing. The current level is below the 200-day Harekedollary average (DMA) and slightly above the 50-day Harekedollary average.

These will need to be reclaimed to keep the bull run going, according to Decentrader analyst Filbfilb. The analyst, who previously predicted the critical levels of $3,150, $6,500, $10,000 and $3,800 in Bitcoin, used the following statements:

For Bitcoin to continue its rise, the average of these two movements will need to be maintained, any lower price action will be during the week. A weekly close below the 50-Day Harekedollary average wouldn’t be good, especially if the 20-Week Harekedollary average (currently $42,000) also disappears.

BTC/USD 1-day candlestick chart (Bitstamp) with 50 and 200 DMA. Source: TragView

“4. $60,000 comes in at the beginning of the quarter”

The 50 and 200 DMAs have traditionally been on their way to forming a “golden cross”, which is a bullish signal, but this week’s dramatic sell-off could derail the process, according to many. “The sale came on the course of an anticipated Golden Cross where 50 DMA went above 200 DMA,” Filbfilb said. “This is often seen as a bullish sign for the market,” he added.

Although September is already seen as a lackluster month based on historical patterns, BTC price action is expected to change drastically from next month. “We expect the $60,000 level to be retested early in Q4, which will likely provide another correction with a recent rally to all-time highs towards the end of the year,” Filbfilb says.


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Michael Lewis

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