Bitcoin regains $ 47,000 as critical resistance begins to creak

Loading...
Advertisements

Bitcoin (BTC) recovered $ 47,000 on September 15 in a move that analysts say could pave the way for $ 50,000.

BTC / USD (Bitstamp) hourly chart. Source: TradingView

Bitcoin bulls avoid another test of the lows

Wednesday’s data from Cointelegraph Markets Pro and TradingView show that BTC / USD held the $ 47,000 mark, which is crucial for a bullish continuation.

The day before, the level presented a fierce defense from whales, but the bulls eventually got the better of it, taking Bitcoin out of the downtrend channel by multiple days.

Currently, even a decline towards $ 46,000 has not materialized, reinforcing an optimistic view about BTC’s short-term price action.

#BTC has crossed both diagonals

At this stage, it is important that the $ BTC four-hour candle closes above the dotted trendline to confirm the breakout of the trendline.

And, if necessary, a drop on the trendline would likely constitute a new retest attempt.

However, the four-hour candle must first be closed.

$ BTC # Crypto # Bitcoin

The four-hour candle closed for #BTC

If there is a drop to ~ $ 46,100 from this point, it will likely be a retest opportunity to confirm the breakout from the current $ BTC # Crypto #Bitcoin market structure.

The relative strength follows a golden cross on BTC / USD and record lows of BTC reserves on exchanges, factors that could lead to a supply squeeze.

Bitcoin reserves chart on exchanges. Source: CryptoQuant

This is even more evident on the daily chart, which like highlighted from popular trader Pentoshi, reports a bullish engulfing candle that wiped out six days of laterality.

“Above 200DMA again, now facing some concurrent resistance at Monday high and September monthly open ($ 47,000-47,150)”, adds the analyst William Clemente.

“If these levels are actually broken, we could see a pretty quick move to the August high of $ 50,500.”

The support echoes the low monthly close forecast

A look at the buy and sell levels on the major exchange Binance confirmed that the next resistance lies higher, at just over $ 49,000, with clear support of even several thousand dollars below the spot price.

Support is in line with the forecast for the September low monthly close of $ 43,000. October, on the other hand, calls for a minimum monthly close of $ 63,000, which is close to a new all-time high for Bitcoin.

Related: The upcoming ‘golden cross’ presents minimal potential for Bitcoin’s price

Buy / sell levels on BTC / USD (Binance) as of September 15th. Source: Material Indicators

Loading...
Advertisements

Leave a Comment