The market has made quite a correction since the past 24hrs and interestingly, this promising outcome is taking place during the weekend; perhaps traders should anticipate a perceived bullish run for the third week of September? Possibly, but this will mainly depend on how fast Bitcoin can begin to build support from its current trading price which is fairly seated at $10,363 at the time of this writing.
Up against the USD by 2.30% in the last 24 hours according to data from Coinmarketcap, the big bull is showing itself as one of today’s promising performers.
However, in the case of a crossover or Bitcoin’s ability to maintain current trading price, buyers will have to influence price action with more bullish engulfing patterns, well enough to suppress the bears and at least place Bitcoin near or above the $10,390 and $10,400 mark. And with data from Bitstamp’s candlestick chart, Bitcoin has gained a decent middle ground.
As at Thursday, when sellers pushed the price to dip below the $10,000 mark leading to a close of $9,980, BTC was experiencing an intense bearish dominance, where the bears stayed in control of price movement for 7hrs at which time Bitcoin was reaching for lower support levels of $10,000 and $9880.
However, since the past 24hrs, up till the time of this reporting, the market reflects a mild comeback for the bulls and if maintained, Bitcoin could be gearing up for price equalization at $10,500 and head for the $11,000 soon after.
Note that yesterday’s reports included analyst Josh Rager’s speculations of a possible Bitcoin dip to as low as $8,000 if the big bull drops by another 14%, following the already existing bearish trendlines.
The likelihood of this possibility has now been shortened due to BTC’s fair trade from yesterday and today. The next 24hrs hours will also be very crucial for Bitcoin and Altcoins as well. With the likes of BNB already raking in gains of 3% against the USD, the price performance is likely to build strong momentum over the weekend.