After a "strong bullish divergence" on a lesser timescale, Bitcoin (BTC) encountered some difficulties at $4 6,000 on Sep. 12.
Bitcoin (BTC) reached some issues at $46,000 on Sept. 12 after a “strong bullish divergence” on lower timeframes met with resistance. The recent data showed that BTC/USD was rejected after reaching highs of $46,280 on Bitsamp. This continues through the entire weekend after which the pair failed to be healed from the Friday’s sell-off. $45,000 is a very crucial level for bitcoin in the form of its 50-day moving average which is a level known for holding support.
Rekt Capital trader and analyst says lower timeframes showcased increasing power on the day with a “strong bullish divergence” depicting the 4-hour chart. During the time of writing there were no latest levels entered as support. “Bitcoin formed a lower low on the 4-hour timeframe during the days spanning the 8th and 10th of September,” he stated. “Over the course of the 10th and 12th of September however, $BTC formed a new higher low on the 4-hour timeframe.”
Analyst Michael Van de Poppe was watching out 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. There are still hope that a bitcoin price dip to as low as $38,000 with September set to be a month of cogitation for the bull run continues. Bitcoin’s entire crypto market dominance continued to fall at the weekend, around 40% in what could be a blessing for altcoin performance.
There were signs of alt already there with major alts, with Polkadots (DOT) reaching the top ten with 10% daily gains. The largest altcoin, Ether (ETH) was up by 3.2% at $3,425 albiet still down by 13% in comparison to its stand last weekend.