HomeCryptoBitcoin price in line for 'impulsive bounce' as Solana (SOL) leads altcoin...

Bitcoin price in line for ‘impulsive bounce’ as Solana (SOL) leads altcoin surge

Bitcoin (BTC) volatility is once more overdue and one analyst is favoring an “impulsive” transfer in direction of $50,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader: “Chill and wait” for Bitcoin breakout

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD persevering with to circle $46,000 on Sep. 9 as an eerie calm lingered over the market. 

Tuesday noticed mass upheaval as a cascade of unwound positions sparked an enormous $9,000 each day loss for Bitcoin, one thing analysts have since pinned on overleveraged merchants.

While the occasion’s lows of $42,800 haven’t been retested, a breakdown is just not off the playing cards, in style dealer Crypto Ed says.

“Looks like a bullish pennant to me…Impulsive bounce followed by consolidation,” he summarized alongside an up to date chart Wednesday.

“Chill and wait for the break out. Wrong when it breaks down.”

BTC/USD situation. Source: Crypto Ed/ Twitter

With expectations thus skewed to the upside, fellow dealer and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential transferring common (EMA) as a possible game-changer.

“This is the first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he famous.

“The 50-day EMA is helpful for understanding bullish momentum as it tends to assist established uptrends. 

BTC/USD 1-day candle chart (Bitstamp) with 50-day EMA. Source: TradingView

Altcoins recover as Solana passes $200

Improved performance across major altcoins meanwhile is giving hope to the bullish short-term case for Bitcoin.

Related: Price analysis 9/8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

While BTC/USD has stayed broadly flat overnight, all of the top ten cryptocurrencies by market cap have posted solid gains of at least 4%.

Ether (ETH), added 4.5% to circle $3,470 at the time of writing, while Cardano (ADA) recovered above $2.50.

Still outshining the pack, however, is Solana (SOL), now trading above $200 on 32% gains in just 24 hours.

SOL/USD 1-hour candle chart (FTX). Source: TradingView