Bitcoin (BTC) ran into trouble at $ 46,000 on September 12 after a “strong bullish divergence” encountered resistance on lower time frames.
Higher lows for BTC / USD
Data from Cointelegraph Markets Pro and TradingView show BTC / USD is seeing a heavy rejection after hitting a local high of $ 46,280 on Bitstamp.
The move continued through the various weekends when the pair was unable to recover from the Friday sell-off.
$ 45,500 is an important level for Bitcoin in terms of its 50-day moving average, a level that continued to be held as support on Sunday.
As Note According to trader and analyst Rekt Capital, the lower time frames show increasing strength for the day with a “strong bullish divergence” characteristic of the 4-hour chart. However, at the time of writing, no new levels have been added as support.
“Bitcoin made a lower low in the 4-hour timeframe for the days September 8-10,” he said. summary.
“However, $ BTC made a new higher low in the 4-hour timeframe during September 10th and 12th.”
Cointelegraph Contributing Analyst Michaël van de Poppe is also looking for a lower structure.
Brothers speak Saturday.
Polkadot leads alternative crypto movements on Sunday
As Cointelegraph reported, Bitcoin price is expected to drop as low as $ 38,000, with September being a month of reflection on a resumption of the bull run.
Related: Bullish breakout pushes Avalanche towards $ 80 as AVAX price hits another record high
Bitcoin’s overall dominance in the crypto market continued to decline over the weekend, almost 40% above what could prove to be a boon to altcoin performance.
Signs of life surfaced on the big Sunday, with Polkadot (DOT) leading the top 10 with a daily gain of 10%.
The largest altcoin, Ether (ETH), is up 3.2% to $ 3,425 but is still 13% lower than late last week.