Bitcoin (BTC) is expected to rebound $ 47,000 on Wednesday, which analysts believe will pave the way to $ 50,000.
Bitcoin Bulls exit yet another re-test of the lows
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD will hold the USD 47,000 mark on Wednesday, which is an important indicator for a continuation of the bullish trend.
The level saw fierce protection from whales the day before, but the bulls eventually got the upper hand and lifted Bitcoin out of a multi-day descending channel.
It even failed to drop to $ 46,000, which reinforced the more optimistic arguments for short-term BTC price promotions.
There’s a 4HR candle close by for #BTC
If the drop drops to ~ $ 46100 from that point on, it could be a retesting to detect a breakout of. to confirm $ BTCcurrent market structure#Crypto #Bitcoin https://t.co/H8M59ihgLm pic.twitter.com/gveXn8v3Oh
– Rekt Capital (@rektcapital) September 14, 2021
Relative strength follows the gold cross at BTC / USD amid record-low exchange rates and an implied supply shortage.
This is even more evident on the daily chart as the famous trader Pentoshi Note, created a bullish engulfing candle that nullified six days of sideways movement.
“Back above 200DMA, currently with some resistance at the Monday / September monthly opening high ($ 47,000 to $ 47,150),” analyst William Clemente Add.
“If these levels are actually broken, a fairly rapid surge to the August highs of $ 50.5,000 could be seen.”
Support repetitive forecasting for the minimum month-end closing
A look at the buy and sell levels on the major exchange, Binance, has confirmed that resistance is now rising just above $ 49,000, with similarly clear support that is several thousand dollars below the price.
Support is in line with existing predictions for a minimum monthly close of $ 43,000 in September. In contrast, October requires a minimum monthly close of $ 63,000, which is close to Bitcoin’s new all-time high.
Related: Bitcoin Techniques: The upcoming “Golden Cross” offers a potential low point for BTC price