Bitcoin price in line for 'impulsive bounce' as Solana (SOL) leads altcoin surge

Bitcoin price in line for 'impulsive bounce' as Solana (SOL) leads altcoin surge


Bitcoin (BTC) volatility is again overdue and one analyst is favoring an “impulsive” move towards $50,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader: “Chill and wait” for Bitcoin breakout

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to circle $46,000 on Sep. 9 as an eerie calm lingered over the market. 

Trending: Following Trump’s Warning, Justice for Jan. 6 Rally Fizzles Out in Washington D.C.

Tuesday saw mass upheaval as a cascade of unwound positions sparked a huge $9,000 daily loss for Bitcoin, something analysts have since pinned on overleveraged traders.

While the event’s lows of $42,800 have not been retested, a breakdown is not off the cards, popular trader Crypto Ed says.

“Looks like a bullish pennant to me…Impulsive bounce followed by consolidation,” he summarized alongside an updated chart Wednesday.

“Chill and wait for the break out. Wrong when it breaks down.”BTC/USD scenario. Source: Crypto Ed/ Twitter

With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.

“This is the

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend