Here are the BTC prices to watch as $ 38,000 pops up like a bull line in the sand
Bitcoin (BTC) has to stick to two key moving averages to stay bullish, but fails, new analysis shows.
In its latest market update on September 10, the Decentrader exchange warned that bulls do not have much advantage over current prices.
A “golden cross” like any other?
Bitcoin fell over the weekend and was close to $ 45,500 at the time of this writing. This level is below the major 200-day moving average (MA) and just above the 50-day MA.
Decentrader’s Filbfilb needs to be reclaimed to allow further price increases.
“In order for Bitcoin to continue to recover, these two moving averages must be maintained, with any price movement lower than during the week – a weekly closing price below the 50 DMA would be unattractive, especially if the moving average on line 20 is also losing (yellow line currently about $ 42,000), ”he summed up.
The 50 and 200 DMAs are well on their way to printing a “golden cross,” traditionally a bullish signal, but this week’s dramatic sell-off may not have decimated the process.
Filbfilb continued: “The sale comes amid a floating ‘Golden Cross’ where the 50 DMA crosses the 200 DMA.
“This is generally viewed as a very bullish sign for the market and typically we see ‘Golden Crosses’ pouring and ‘Death Cross’ pumping for Bitcoin. On this basis alone, the retracement is not such a big surprise. “
If the bulls need more momentum to get in, $ 38,000 – the location of the 61.8% Fibonacci retracement level from the all-time high of $ 64,500 – could still represent the last line in the field, and BTC price correction could be stronger.
60,000 US dollars “coming soon into the fourth quarter”
As Cointelegraph reported, the long-term upward trend among analysts has barely changed despite what happened this week.
Related: 9/10 price analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, LUNA, UNI
September has been labeled a lackluster month due to historical patterns, but starting next month, BTC price action is expected to change dramatically.
Filbfilb added, “We expect $ 60,000 to be retested early in the fourth quarter, which is likely to result in another correction with a final push to all-time highs by the end of the year,” added Filbfilb.
Those all-time highs could be centered around the $ 100,000 mark, in line with year-end targets from other sources.