fxs_header_sponsor_anchor

Why the Bitcoin price has rallied 10% in one day and what it needs to continue

  • Bitcoin rallies 10% in one day as an influx of volume transactions pours into the market.
  • The 200-week moving average could be a probable resistance zone at $23,125.
  • Invalidation of the uptrend thesis remains a breach below $17,622.

Bitcoin price has produced an applaudable retaliation against the late summer mudslide. Additional gains should not be ruled out.

Bitcoin price surges higher

Bitcoin price has surprised day traders as an impressive bull run occurred on Friday, September 9. The bulls have been showing a persistent uptick in transactions throughout the first week of  September, which suggested a volatile market was sure to commence. 

Bitcoin price currently auctions at $21,253. The recovery was catalyzed by a subtle bullish divergence on the daily level, which deemed the September 6 low at $18,510 more oversold than the August 28 low at $19,533. 

BTC USDT

Day traders in the market have fully taken advantage of the RSI signal and have confidently breached both the 8-day exponential (EMA) and 21-day simple moving averages (SMA). 

As per the last bullish thesis, a profitable target for the current uptrend rally is the 200-week moving average at $23,128. Traders should keep the invalidation point at the June 18 swing low at $17,622. Early evidence of an uptrend failure could be a closing candle below a triangle apex at $19,700.

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.