Cryptocurrency

Bitcoin (BTC) hit problems at $46,000 on Sept. 12 after a “strong bullish divergence” on lower timeframes met with resistance.

Higher lows creep in for BTC/USD

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reject sharply after hitting local highs of $46,280 on Bitstamp.

The move continues a ranging weekend, over which the pair failed to recover from Friday’s sell-off.

$45,500 is an important level for Bitcoin in the form of its 50-day moving average, a level which on Sunday continued to hold as support.

As noted by trader and analyst Rekt Capital, lower timeframes showed increasing strength on the day, with a “strong bullish divergence” characterizing the 4-hour chart. At the time of writing, however, no new levels had entered as support.

“Bitcoin formed a Lower Low on the 4-hour timeframe during the days spanning the 8th and 10th of September,” he summarized.

“Over the course of the 10th and 12th of September however, $BTC formed a new Higher Low on the 4-hour timeframe.”

Cointelegraph contributing analyst Michaël van de Poppe was also on the lookout for a higher low construction.

“Looking at a higher low to be constructed at Bitcoin and then we’re ready to go toward $50K,” he said Saturday.

Polkadot leads Sunday’s altcoin moves

As Cointelegraph reported, expectations include a Bitcoin price dip to as low as $38,000 at worst, with September poised to be a month of rumination for the bull run continues.

Related: Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high

Bitcoin’s overall crypto market dominance continued to fall at the weekend, nearing 40% in what could prove to be a boon for altcoin performance.

Signs of life were already present on major alts Sunday, with Polkadot (DOT) leading the top ten with 10% daily gains.

The largest altcoin, Ether (ETH), was up 3.2% at $3,425, albeit still down 13% compared to its position last weekend.

Articles You May Like

Stock splits are back in fashion. Here’s why, and which companies could be next
DOT needs help from Congress for TOD funding
Brightline train’s proposed Tampa extension wins regional support
Warren Buffett buys Occidental shares for 9 straight days, pushes his stake to nearly 29%
San Diego County’s pension bonds bumped to AAA as part of Fitch criteria review