Bitcoin bounce levels extend to $36K with bulls unmoved by 8% BTC price dip


Bitcoin (BTC) kept blowing through support levels during trading on Sept. 20 ahead of what promised to be a “very interesting” U.S. stock market open.

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

No sweat for BTC traders after $42,500 visit

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD it briefly dipped to near $42,500 before returning to hover near $44,000 in volatile conditions.

How To Get Free Crypto  

Monday’s low was beneath that seen earlier in the month during the leverage cascade, with Bitcoin testing both its weekly higher low and 21-week exponential moving average as support.

As Cointelegraph reported, a plethora of factors combined to produce sell pressure for BTC markets. These were led by concerns over Evergrande defaulting on hundreds of millions of dollars in debt, in turn pressuring stocks and strengthening the U.S. dollar. Rising Bitcoin exchange balances provided an additional catalyst from within the market itself.

Traders nonetheless kept their cool.

“Why are you suprised today ? Don’t be so emotional,” popular Twitter account Anbessa told followers at the height of the rout.

Anbessa espied levels in the mid-$30,000 range as being the only definitive area of concern, with Bitcoin still well above $40,000 and a Fibonacci retracement level at $38,000.

Coinbase Banner  

For analyst and statistician Willy Woo, however, the stock market open should provide a debate in itself.

“SPX teetering, threatening a large sell-off,” he warned in advance of Wall Street returning.

“BTC carving out a Wycoffian distribution pattern, speculators selling down in risk-off mode, meanwhile investors on-chain have been in strong accumulation. It’s going to be an interesting opening to this morning’s equities market.”

Woo added that should stocks face a deeper crash, the situation may mimic 2020, when Bitcoin’s supply squeeze ultimately sent it from $3,000 lows to new all-time highs in spite of initial misgivings.

S&P 500 1-day candle chart. Source: TradingView

Bulls’ conviction proves hard to shake

Others were even less fazed by Monday’s events, these including popular trader Pentoshi, who revealed record BTC exposure at current levels.

Related: ‘Best bear market ever’ — 5 things to watch in Bitcoin this week

“Do I think 41k is possible. Yes. But I think we see 56-58k within 3 weeks. I’m macro bullish,” he said as part of comments on the day.

Data from monitoring resource Material Indicators meanwhile captured the rapidly-changing picture on spot exchanges, where liquidity was being taken incrementally.

FreeBitcoin Banner  

BTC/USD buy and sell levels (Binance) as of Sept. 20. Source: Material Indicators

Go to Source
Author: William Suberg

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.