Bitcoin value in line for ‘impulsive bounce’ as Solana (SOL) leads altcoin surge
Bitcoin (BTC) volatility is once more overdue and one analyst is favoring an “impulsive” transfer in the direction of $50,000.
Trader: “Chill and wait” for Bitcoin breakout
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD persevering with to circle $46,000 on Sep. 9 as an eerie calm lingered over the market.
Tuesday noticed mass upheaval as a cascade of unwound positions sparked an enormous $9,000 every day loss for Bitcoin, one thing analysts have since pinned on overleveraged merchants.
While the occasion’s lows of $42,800 haven’t been retested, a breakdown shouldn’t be off the playing cards, standard dealer Crypto Ed says.
“Looks like a bullish pennant to me…Impulsive bounce followed by consolidation,” he summarized alongside an up to date chart Wednesday.
With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.
“This is the first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he noted.
“The 50-day EMA is useful for understanding bullish momentum as it tends to support established uptrends.
Altcoins recover as Solana passes $200
Improved performance across major altcoins meanwhile is giving hope to the bullish short-term case for Bitcoin.
Related: Price analysis 9/8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH
While BTC/USD has stayed broadly flat overnight, all of the top ten cryptocurrencies by market cap have posted solid gains of at least 4%.
Ether (ETH), added 4.5% to circle $3,470 at the time of writing, while Cardano (ADA) recovered above $2.50.
Still outshining the pack, however, is Solana (SOL), now trading above $200 on 32% gains in just 24 hours.