Bitcoin hits 3-week high as trader says 'all signs are there' to short BTC
Little confidence remains in BTC's continued rally after a week of solid gains takes the moving average back to 100 days.
Market Update
Bitcoin (BTC) continued to climb at Wall Street's open on September 12 as traders called for an imminent correction.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $22,481 on Bitstamp, its highest since August 19.
The pair held on to its existing gains over the weekend as the lower US Dollar served as a catalyst for risk assets early in the week.
The S&P 500 and the Nasdaq Composite Index were both up 1.1% after the first two hours of trading. In contrast, the US Dollar Index (DXY) fell 0.7% on the day.
United States Dollar Index (DXY) one-day candle chart. Source: TradingViewAnalyzing the situation, popular Crypto trader Ed said now is the time to consider a corrective move on BTC/USD.
"I would say all the signs are there for some shorts," he told viewers in his latest YouTube update.
Upside potential was likely limited to $23,000, he suggested, while on the downside $20,800 was an area of interest.
A CME Bitcoin futures gap left by the September 10 close added the area around $21,400 as a possible retracement target.
"I would only look for long positions if we break $23,000 and then a move towards $28,000-$29,000," Crypto Ed added.
CME Bitcoin Futures 1-hour Candle Chart wi ...
Little confidence remains in BTC's continued rally after a week of solid gains takes the moving average back to 100 days.
Market Update
Bitcoin (BTC) continued to climb at Wall Street's open on September 12 as traders called for an imminent correction.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $22,481 on Bitstamp, its highest since August 19.
The pair held on to its existing gains over the weekend as the lower US Dollar served as a catalyst for risk assets early in the week.
The S&P 500 and the Nasdaq Composite Index were both up 1.1% after the first two hours of trading. In contrast, the US Dollar Index (DXY) fell 0.7% on the day.
United States Dollar Index (DXY) one-day candle chart. Source: TradingViewAnalyzing the situation, popular Crypto trader Ed said now is the time to consider a corrective move on BTC/USD.
"I would say all the signs are there for some shorts," he told viewers in his latest YouTube update.
Upside potential was likely limited to $23,000, he suggested, while on the downside $20,800 was an area of interest.
A CME Bitcoin futures gap left by the September 10 close added the area around $21,400 as a possible retracement target.
"I would only look for long positions if we break $23,000 and then a move towards $28,000-$29,000," Crypto Ed added.
CME Bitcoin Futures 1-hour Candle Chart wi ...
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