Today Bitcoin (Bitcoin) continues its upward consolidation, the analysis describes the recent price trend as “textbook”.
Analyst: This time it’s not “Rektember”
Datas Cointelegraph Markets Pro And Trading View Highlight how the largest-capitalization cryptocurrency is concentrating below a key breakout level near $26,600.
Get over what’s happened lately macroeconomic data of the united states, Bitcoin joins major markets on the risedespite signs of more persistent inflation than expected.
Amid renewed optimism, Michaël van de Poppe, founder and CEO of trading firm Eight, said he was confident that BTC/USD could avoid new lows.
“Bitcoin could make a potential uptrend, but it is necessary to make sure it does not retest the lows.”, states about x (formerly Twitter) on September 14.
Deutsche Bank, Germany’s largest credit institution, Custody license required for cryptocurrenciesVan de Poppe sees $25,000 as a level from which the bulls can deviate to lead the market.
“We have seen a move towards $25,000 and we should keep pace on higher numbers. If so, we should hold $25,600-$25,900 as a series of pauses will be activated before we see a move below this level.”he suggested.
Despite remaining below a group of major moving averages (MAs), the 200-week exponential moving average (EMA) continues to act as support; claimed in March The 200EMA is essential for the start of any bull market.
“I think our chances of bottoming have increased in this cycle. Why? Because we are above the 200-week EMA again and will most likely close above this level again.”continued Van de Poppe.
“This time it is not a ‘Rektember’ and it looks like we will continue from now on.”
The collaborator finally pointed to the previous day’s high of $26,800 as the line to cross.
Wyckoff confirms a classic rebound in BTC prices
Trading asset with an optimistic long-term outlook Stockmoney Lizards came to the following conclusion: Further increases in BTC price may be imminent.
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To use Wyckoff methodThe analysis shared on X compared last year’s price action to a prolonged “accumulation” phase.
This method explains the price cycles of an asset and accurately identifies the trigger after a swing low, known as the “Spring” in the Wyckoff model. may reveal the beginning of a new uptrend or a return to a previous upper trading range.
For Stockmoney Lizards, spring has arrived after the BTC/USD pair hit bottom in late 2022.
“We witnessed spring in January, a breakout at the end of March and now a second decline. Textbook behavior from Wyckoff”commented.
This article does not contain investment advice or recommendations. Every investment and trading transaction involves risk, and readers should conduct their own research before making a decision.
Translation by Walter Rizzo