Bitcoin price saw its uptrend being thwarted multiple times over the past week. However, the recent upswing seems to be taking a second jab at this barrier and is likely to push through it, restarting the bull run. Ethereum, Ripple and many other altcoins have already begun rallying with some achieving new all-time highs.To get more news about BMEX, you can visit wikibit.com official website.
Bitcoin price arrives at $50,000 psychological level
Bitcoin price breached $50,000 on August 23 but failed to sustain itself above that level, leading to a sell-off. While BTC tried recovering from this crash, it failed time and time again, leading to a tight consolidation between $50,000 and $46,000.
The recent upswing sliced through the inclined resistance level and is attempting to take over the $50,000 psychological level successfully. Assuming BTC does, this move could push Bitcoin price to $51,483.
A decisive 12-hour candlestick close above $51,483 will likely trigger FOMO, propelling it to $56,361. In some cases, this move could extend higher and even attempt to retest the all-time high.
Regardless of the optimism, Bitcoin price needs to clear the $50,000 level. Failing to do so might restart the consolidation and keep it bound above $46,000.
A decisive close below $46,000 will invalidate the bullish thesis as it would create a lower low.
Ethereum price experiences exponential gains
Ethereum price stayed lull for almost a month after breaching the $3,000 psychological level on August 7. The consolidation from August 7 to August 30 set up roughly equal highs and higher lows, leading to the formation of an ascending triangle.
This bullish pattern witnessed a breakout on September 1, which led to a 20% upswing that produced a decisive daily close above a crucial resistance level at $3,716. This move opens a resistance-free path for Ethereum price up to $4,071. Therefore, investors can expect ETH to tag another psychological level soon.
On the other hand, a breakdown of the $3,716 will delay the move to $4,000 and beyond. However, if Ethereum price retraces to $3,375, it will indicate a weakness among buyers and significantly postpone the uptrend.
If the bears produce a decisive close below $3,375, it will invalidate the bullish thesis and could trigger an 8% crash to $3,087.
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