Bitcoin (Bitcoin) Two key moving averages need to be kept in order to remain bullish, but the new analysis shows a failure.
In its latest Market update On September 10, the trading platform Decentrader warned that the bulls did not have an advantage at the current price level.
Like any other “golden cross”?
Bitcoin fell over the weekend and was close to $45,500 at the time of writing. This is below the important 200-day moving average (MA) and only slightly above the 50-day moving average.
For Decentrader’s Filbfilb, these will need to be recycled to promote the continuation of the bull market.
“For Bitcoin to remain bullish, it is necessary to maintain these two moving averages. Any decline is within the week-weekly closing prices below 50 DMA will not be attractive, especially if the 20-week moving average is also The loss (yellow line) is currently about $42,000),” he concluded.
50 and 200 DMA are going print The “Golden Cross” is traditionally a bullish signal, but this week’s sharp sell-off may disrupt the process.
“The sell-off occurred in an unresolved’golden cross’ where 50 DMA crossed 200 DMA,” Filbfilb continued.
“This is usually seen as a very bullish signal for the market and Bitcoin. We have seen a lot of influx into the’golden cross’ and into the’death cross’, so on this basis alone, the correction is not too serious. .”surprise. “
If the bulls need more momentum to enter the market, then $38,000-the 61.8% Fibonacci retracement level, from the all-time high of $64,500-may provide the final bottom line in the event of a more dramatic correction in the Bitcoin price .
$60,000 “at the beginning of the fourth quarter”
As Cointelegraph Report, Despite some events this week, analysts’ long-term bullish sentiment has hardly changed.
September is already a Dull month Based on historical patterns, it is generally expected that BTC price trends will undergo tremendous changes starting from next month.
Filbfilb added: “We expect to retest the $60,000 level sometime in the beginning of the fourth quarter, which may provide another correction and finally push it to an all-time high before the end of the year.”
These all-time highs may be concentrated at the $100,000 mark, and Year-end goal From other sources.