Bitcoin: Clearing 50-Day SMA Could Provide the Spark for a Bullish Shift

Market Analysis by Dr. Arnout ter Schure covering: BTC/USD, Bitcoin. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com

from late July, we were, correctly, looking for lower prices , we got more than we bargained for as prices reached $49K on August 5.Namely, what were the cleanest five waves up that we have seen in a while, after what appeared as a reasonably clear five waves lower were, however, not part of a new 1st wave up.This doesn’t mean the EWP doesn’t work; it simply means our assessment was wrong. Thus, we must go back to the drawing board.

The August 5 low was well below the more typical 38.20% retracement of the green W-3, which was reached in July, and thus, the Bulls were placed on watch. But all hope is not lost. Thus, BTC must clear that level to get any upside going. Please note the EWP count shown is one of several we are tracking.

That will allow a quick attack of the 200d SMA and a rally above the Ichimoku Cloud. If all that happens, the chart will turn from 80% Bearish to 40% Bullish, which will be a significant improvement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Investingcom /  🏆 450. in US

Bitcoin

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Getting Ready to Rally to $90K?Market Analysis by Dr. Arnout ter Schure covering: BTC/USD, Bitcoin. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
Read more »

Is Ethereum Ready to Rally to $5000+?Market Analysis by Dr. Arnout ter Schure covering: ETH/USD. Read Dr. Arnout ter Schure 's Market Analysis on Investing.com
Read more »

Ripple (XRP) Defies Market Sentiment With 8% Surge, Bitcoin (BTC) Struggles at $66K (Market Watch)Crypto Blog
Read more »

Bitcoin Taps 7-Week Peak Close to $70K, Bitcoin Cash Skyrockets 14% Daily (Market Watch)Crypto Blog
Read more »

Bitcoin: Expect Crypto to Remain Under Pressure in the Near-TermMarket Analysis by MarketPulse (Zain Vawda) covering: BTC/USD, Bitcoin. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
Read more »

Bitcoin: Stars Are Starting to Align for a Potential Catch-Up Rally With StocksMarket Analysis by Investing.com (Damian Nowiszewski) covering: BTC/USD, Bitcoin, ETH/USD. Read Investing.com (Damian Nowiszewski)'s Market Analysis on Investing.com
Read more »