Here is analytics around the crypto and bitcoin price in particular. As the volatility gets higher the more news for both further DUMP and PUMP occur.
The same situation is here now, while the FUD / the News again start telling about bitcoin collapse like any other private currency, the charts, in opposite, show positive signals as for short so for long term perspectives..
Bitcoin (BTC) volatility is again overdue and one analyst is favoring an “impulsive” move towards $50,000.
Trader: “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.
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.”
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 first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he noted.
“The 50-day EMA is useful for understanding bullish momentum as it tends to support established uptrends.
Altcoins recover as Solana passes $200
Improved performance across major altcoins meanwhile is giving hope to the bullish short-term case for Bitcoin.
While BTC/USD has stayed broadly flat overnight, all of the top ten cryptocurrencies by market cap have posted solid gains of at least 4%.
Ether (ETH), added 4.5% to circle $3,470 at the time of writing, while Cardano (ADA) recovered above $2.50.
Still outshining the pack, however, is Solana (SOL), now trading above $200 on 32% gains in just 24 hours.
Check other news for today and Please stand by..
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