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