Bitcoin Consolidates Higher as Analysts Predict Bullish Breakout
Bitcoin consolidates higher as analysts predict a potential bullish breakout, despite hints of stubborn inflation. Analysis describes recent BTC price behavior as "textbook" and merchants are hopeful for a sustained uptrend.
Posted 10 months ago in Market Analysis
Bitcoin (BTC) consolidated higher on Sep. 15 as analysis described recent BTC price behavior as “textbook.” Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency focusing on $26,600 — below a key breakout level.
Bitcoin had shrugged off the latest United States macroeconomic data reports the day prior, joining traditional markets in heading higher despite hints that inflation was more stubborn than expected.
Amid a renewed bullish mood, Michaël van de Poppe, founder and CEO of trading firm Eight, was hopeful that BTC/USD would avoid new lows. “Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn't retest the lows again,” he wrote in part of a dedicated post on X (formerly Twitter) on Sep. 14.
Referencing news that Germany’s largest lender, Deutsche Bank, had applied for a crypto custody licence, Van de Poppe eyed $25,000 as a level for bulls to steer the market away from. “We've seen a sweep at $25,000 and should be holding up on higher numbers. In that case, we should be holding $25,600-25,900 as beneath there we'll see a ton of stops to be activated before we can actually see some movements,” he suggested.
Despite remaining below a cluster of key moving averages (MAs), the 200-week exponential moving average (EMA) continues to act as support — reclaimed in March and an important feature at the start of any bull market. “I think that the odds of the low to be in on this cycle have increased. Why? Well, we're again holding above the 200-Week EMA and most likely will be closing above that again for this one,” Van de Poppe continued. He highlighted $26,800 — the previous day’s high — as the line in the sand to break through.
Taking an optimistic long-range view, meanwhile, trading resource Stockmoney Lizards likewise concluded that further BTC price upside should come next. X analysis compared the past year’s price action to an extended “accumulation” phase, using the Wyckoff method. This describes price cycles of an asset, and correctly identifying the trigger after a swing low, known as the “Spring” in Wyckoff, can reveal the beginning of a new uptrend or a return to a previous higher trading range. For Stockmoney Lizards, the Spring occurred after BTC/USD bottomed out in late 2022. “We have seen the spring in January, breakout end of March, and now the second throwback. Textbook Wyckoff behaviour,” it commented.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Last updated 9/15/2023, 6:30:41 AM
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