Recent analysis has highlighted the necessity of Bitcoin needing to retain two very important averages which would keep it bullish. In a market update that took place on the 10th of September Decentrader, a trading platform warned that most of the bulls in the cryptocurrency sector do not really have the heavier weight above current price levels.
The cryptocurrency, in any condition, has gone lower into the weekend, as it sits at a price of $45,500. This is much below the moving average of 200-day while barely above the moving average over 50-day.
A “golden cross” like any other for Bitcoin?
Filbfilb of Decentrader has stated that for Bitcoin to still stand tall at its position of bullish, the two moving averages need to be kept under strict diligence.
Any price action that stays lower- in an intraweek- would not be particularly attractive- especially if the moving average over 20 weeks has also been lost. The DMA of 50 and 200 have found themselves on their way to printing a golden cross- which is traditionally a bullish signal. Nevertheless, the dramatic sell-off could pretty much derail the entire process.
Should the market bulls try to bring in more impetus to enter the price level of $38,800- which is the site for around 61.8% of the Fibonacci retracement level from an all-time high of around $64,500, it could provide the ultimate line in the sand in case Bitcoin undergoes a major price correction. As has been reported by Cointelegraph, longer-term bullishness hasn’t shifted the analysis by much.
The next month has been marked as a period when Bitcoin will start changing rapidly- but September has been quite a lackluster month. Filbfilb stated that most traders have been anticipating a level of $60k to be retested sometime early in the fourth quarter.