- Crypto expert analyzes that BTC could move above $19.5k to make a good trend.
- The coin is up by 3% after it hit the $18,000 zone in the past day.
- BTC trades at $19,320.64 at the time of writing.
CEO of Eight crypto educational consultancy Michael van de Poppe analyzed that BTC is performing well till now in intraday trading. However, he added that BTC could continue trading above $19,500 to catch on with the trend.
#Bitcoin is going so far so good, but needs continuation above $19.5K.
— Michaël van de Poppe (@CryptoMichNL) September 8, 2022
Then, party time is on.
Today can be important with Lagarde and Powell speaking. pic.twitter.com/zZbIjhnoeu
Also he said that the market trend is currently waiting for the European Central Bank and the US Fed’s decisions. “Today can be important with Lagarde and Powell speaking.”
In the past day, BTC went down to $18,000. Currently, it is 3% high in the past 24 hours and hovers at $19,320.64. If BTC continues moving above $19,500 accordingly to Poppe’s analysis, the coin would reach back to $20,000. Recently, BTC hit this prize zone on September 6.
As clear from the graph, the intraday red candle seems to be on a spinning top pattern, meaning traders are at an “indecision point.” In simple words, BTC’s price is not in an appropriate zone to decide whether to sell or buy the coin. Earlier today, BTC signaled green in the one-hour trading chart. Also, the coin steeply went down on September 6, at 17:00 UTC alone.
BTC should at least look for a $21,800 resistance zone for a good hike. Looking at the 200-day EMA, the coin is far away from the line and it is expected to touch the 9-day EMA line in intraday trading. If the market moves contrary to the expectation, BTC would have another downtrend as in the past day.
Moreover, there are traders who believe BTC would reach around $22,000 before the next crash. Meanwhile, traders also predict a $14,000 low for Bitcoin.
In the past day, Senior Commodity Strategist Mike McGlone tweeted that despite the stock market being at an all-time low, BTC has the capacity to perform well. IMF compared the relationship between BTC and GDP, and remarked that cryptocurrencies could be a hurdle to the growth of the economy.
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