BTC is battling for $46K, while Polkadot (DOT) finished the weekend with a 10% increase.

 95 Interactions,  2 Today

Bitcoin markets are showing signs of growth, but altcoins are proving more interesting as the weekend comes to a close.

On September 12, Bitcoin (BTC) encountered difficulties at $46,000 after a “strong bullish divergence” on lower timeframes met with resistance.

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

Higher lows creep in for BTC/USD

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

The move extends the pair’s volatile weekend, during which it failed to rebound from Friday’s sell-off.

$45,500 is a crucial mark for Bitcoin in the form of its 50-day moving average, which held as support on Sunday.

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.”

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

Analyst Michaël van de Poppe was also on the lookout for a higher low construction.

See also  Hedge fund legend Bill Miller to invests $400M into Grayscale BitcoinTrust

“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 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.

Bitcoin’s overall crypto market share continued to decrease over the weekend, approaching 40%, which might be a boost for altcoin performance.

On big alts, signs of life were already visible on Sunday, with Polkadot (DOT) leading the top ten with 10% daily gains.

DOT/USD 1-day candle chart (Kraken). Source: TradingView

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

Subscribe to our newsletter


Leave a Reply

Your email address will not be published. Required fields are marked *