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