Bitcoin has to stick to two major moving averages (MAs) to stay bullish, but fails, new analysis shows.
In its latest market update on September 10, the Decentrader exchange warned that bulls have no advantage in current prices.
Golden Cross Bitcoin
Bitcoin has been down over the weekend and is trading near $ 45,500 at the time of writing. This level is currently below the 200-day MA and not nearly that far from the 50-day MA.
For analyst Filbfilb, Bitcoin must decisively break out of these two lines in order to provide the energy to extend the upward momentum.
“In order for Bitcoin to continue rallying, these two moving averages must be maintained, with any price movement lower for the week – a weekly close below the 50 MA would be bad, especially if the 20 week MA is also depressed. yellow line currently around 42,000 US dollars) ”.
The 50 and 200 MAs are on the verge of forming a “golden cross,” traditionally a bullish signal, but this week’s dramatic sell-off could derail. Filbfilb continued:
“The sell-off took place amid a ‘Golden Cross’ that was about to form, with the 50 MA hovering above the 200 MA. This is generally viewed as a very bullish sign for the market and is typical of Bitcoin that it often does Dumps sees. ” Golden Cross’ and pump ‘Death Cross’. On this basis alone, the pullback should not come as a surprise. “
If the bulls need more momentum to get in, $ 38,000 – the 61.8% fib retracement level from the all-time high of $ 64,500 – could provide final support in the event of a sharp correction in BTC price.
Meanwhile, the long-term bullish trend among analysts remains broadly unchanged despite this week’s events.
September has been labeled a lackluster month due to historical patterns, but starting next month, BTC price action is expected to change dramatically.
“I expect $ 60,000 to be retested early in the fourth quarter and then possibly another correction with a final foray into a new ATH later this year,” added Filbfilb.
That ATH could focus on the $ 100,000 mark, in line with other analysts’ year-end goals.
ADA rose 17% ahead of hard fork
Cardano (ADA) price is up more than 17% on the Binance exchange, hitting an intraday high of $ 2.78.
The top ADA price promotion is being driven by increased anticipation of the upcoming Alonzo upgrade that will bring smart contracts to the network. The event will take place on September 12th after months of anticipation in the crypto community.
In a video, CEO Charles Hoskinson claims that ADA’s recent 30% discount had nothing to do with concurrency debates.
Cardano has been heavily attacked on social media after the bumpy start of the decentralized multi-pool exchange Minswap.
Users started complaining that they were unable to perform basic operations on the platform due to a bug related to the blockchain’s eUTxO accounting model. Many people conclude early on that the network can only handle one transaction per block, which is completely wrong.
Cardano developers are currently working on various scaling solutions for dApps in the network.
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