Bitcoin Consolidates as Analysts Remain Optimistic about Market Direction
Summary:
Bitcoin shows signs of consolidation on September 15, with analysts describing its recent price behavior as "textbook." Despite hints of stubborn inflation in US macroeconomic data, Bitcoin continues to rise alongside traditional markets. Analysts remain optimistic, hoping to avoid new lows and identify key levels for market direction. The 200-week exponential moving average acts as support, suggesting a potential uptrend. A comparison using the Wyckoff method indicates further upside for Bitcoin. This article advises readers to conduct their own research and does not provide investment recommendations.
The price of Bitcoin (BTC) on September 15 showed signs of consolidation, with analysts referring to its recent behavior as "textbook." BTC focused on the $26,600 level, which is below an important breakout threshold. Despite hints of stubborn inflation in the latest US macroeconomic data reports, Bitcoin continued its upward trend along with traditional markets. Michaël van de Poppe, founder and CEO of trading firm Eight, expressed optimism that BTC/USD would avoid new lows. Referencing Deutsche Bank's application for a crypto custody license, he identified $25,000 as a level for bulls to steer the market away from. Even though BTC remains below key moving averages, the 200-week exponential moving average continues to act as support. Van de Poppe suggested that the odds of the low being in for this cycle have increased. He emphasized the importance of breaking through $26,800, the previous day's high. Another analysis, using the Wyckoff method, compared Bitcoin's price action to an extended "accumulation" phase and concluded that further upside should be expected. The Spring, indicating the beginning of a new uptrend, occurred after BTC/USD reached its bottom in late 2022. Collecting this article as an NFT can preserve this moment in history and support independent journalism in the crypto industry. This article does not offer investment advice, and readers are encouraged to conduct their own research.
Published At
9/15/2023 9:22:38 AM
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