Bitcoin price holds 200-day trend line as trader predicts low is in


Bitcoin (BTC) is retaining this week’s features, with some merchants doubling down on their bullish BTC price bets.

BTC/USD 1-hour chart with 200-day EMA. Source: TradingView

Trader: Bitcoin price could have bottomed

A key transferring common is buoying low-timeframe BTC price motion, which continues to protect $27,000, information from Cointelegraph Markets Pro and TradingView reveals.

Bitcoin could have retraced from its native highs above $28,000, however bears haven’t but sparked a full retrace of the transfer.

For some, this is more and more constructive information, as BTC/USD is now efficiently holding a long-term trend line misplaced as assist earlier in August.

This comes in the type of the 200-day exponential transferring common (EMA), at present at $27,180.

Some hourly candles closing beneath into Aug. 31 weren’t sufficient to spark a extra vital breakdown, and Bitcoin is tightly hugging the 200-day EMA into the August month-to-month shut.

“Bitcoin is back above the daily EMA 200-Line,” standard trader Moustache informed X subscribers.

“A lot of people are waiting for a better entry, but I don’t think it’s going to happen.”

BTC/USD annotated chart with 200-day EMA. Source: Moustache/X

That perspective contrasts strongly with the slew of extra bearish market takes from numerous well-known sources, a lot of which name for a return to $25,000 or lower.

Still optimistic, nevertheless, is fellow trader Jelle, who likewise positioned significance on Bitcoin holding above $27,000.

“This is exactly what I want to see after an impulse. Spike up, shallow retrace, hold at key HTF level. Send it higher,” he summarized on Aug. 30.

A subsequent update revealed plans for longs in preparation for BTC/USD “taking out” native highs.

BTC price outlooks diverge

As Cointelegraph reported, BTC price motion has yet to reclaim another bull market transferring averages from earlier in the month.

Related: Bitcoin metric with ‘100% long hit rate’ predicts $23K BTC price floor

Trader and analyst Rekt Capital, cautious in the present local weather, noted in a single day that a few of these are actually appearing as resistance.

BTC/USD annotated chart. Source: Rekt Capital/X

Continuing on the day, monitoring useful resource Material Indicators likewise warned that Bitcoin might come full circle, and {that a} “resurgence in bullish sentiment” was required for the next native excessive.

Based on alerts from its proprietary buying and selling instruments, Material Indicators flagged $27,760 and $24,750 as the upside and draw back ranges to observe, respectively.

Collect this article as an NFT to protect this second in historical past and present your assist for impartial journalism in the crypto area.

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.