Bitcoin (BitcoinAfter the rupture of the bullish trajectory triggered a forecast of $44,000, it fell on Wednesday to test new support.
Old resistance provides context for BTC price rethinking
After trying to recover $51,000 (the top of a key long-term resistance zone) and was rejected, Bitcoin paused its thinking and started the analyst’s thinking Already said Will be a deserved correction.
For Cointelegraph writer Michaël van de Poppe, if the downside continues, $44,000 may be a useful bottom line.
“At this stage, $51,000 is a key resistance zone; potential support areas that need attention can be found between $42,500 and $44,000,” he Summary.
“For some lateral movements, this is the level at which we can look for a range structure. We can still see $40,600-the previous resistance level.”
At the same time, as the relative strength index (RSI) is trying to get out of the “oversold” zone, trader Scott Melker believes that a potential bullish U-shape has occurred in a lower time frame. change. This is due to the increased transaction volume on the chain, which is necessary for a reliable upward movement.
“A potential bullish divergence from the RSI and out of oversold. A clear elbow confirmation will be made on the RSI at the next close,” he Comment On the hour chart.
“So we wait. The time is short and the signal strength is low, but it’s eye-catching because it coincides with the support.”
Looking at the buying and selling levels of the major exchange Binance, it is confirmed that $47,000 is the most recent strong support level among spot traders.
The good times of major altcoins are put on hold
Altcoins continued to align with Bitcoin on that day, with larger losses often occurring in the classic way.
Ether (Ethereum) Fell more than 6% to close to the support level of $3,000, and the biggest loser of the top 10 cryptocurrencies was Solana (SOL), which fell nearly 14%.
Van de Poppe added that Bitcoin’s slow recovery will provide altcoins with room to outperform the broader market, which may occur in September or October.
More broadly, the cryptocurrency market is expected to see a second sharp rise before the end of the year, Cointelegraph Report.