Bitcoin price online for 'impulse rebound' as Solana (SOL) leads altcoin surge

Bitcoin ( BTC ) volatility is lagging again and one analyst favors an “impulse” move towards $ 50,000. 1 hour BTC / USD candle chart (Bi...

Bitcoin (BTC) volatility is lagging again and one analyst favors an “impulse” move towards $ 50,000.

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

Trader: “Chill and wait” for Bitcoin’s breakthrough

Data Cointelegraph Markets Pro and TradingView showed BTC / USD continued to circle $ 46,000 on September 9 as an ominous calm persisted in the market.

Tuesday saw mass upheaval as a cascade of unwound positions sparked a huge daily loss of $ 9,000 for Bitcoin, something that analysts have since pin on over-indebted traders.

While the event’s $ 42,800 lows were not retested, a failure is not ruled out, popular trader Crypto Ed said.

“Sounds like a bullish pennant to me … Impulsive rebound followed by consolidation,” he said. abstract alongside an updated chart on Wednesday.

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

BTC / USD scenario. Source: Crypto Ed / Twitter

With expectations thus skewed upward, trader and analyst Rekt Capital envisioned an ongoing re-test of Bitcoin’s 50-day exponential moving average (EMA) as a potential game changer.

“This is the first time that BTC is testing the 50-day blue EMA again as support, having recovered it as support in late July,” he said. Noted.

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

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

Altcoins recover as Solana surpasses $ 200

Meanwhile, improving performance for major altcoins gives hope to the short-term bullish case for Bitcoin.

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

While BTC / USD remained broadly stable overnight, the top ten cryptocurrencies by market cap posted solid gains of at least 4%.

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

Always dazzling the pack, however, is Solana (SOL), which is now trading above $ 200 with gains of 32% in just 24 hours.

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