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Buyers breach upper bound of 7-day range

Bitcoin rallied 4.83% to $47,111 0n Tuesday, September 14. Buyers won back all the losses sustained due to Monday’s publication of a fake press statement that announced the partnership of the Walmart retail chain with Litecoin.

Litecoin founder Charlie Lee admitted in an interview with Bloomberg TV that the Litecoin Foundation "really screwed up" by tweeting about the release. Walmart is now doing its utmost to ascertain who sent the message.

By the time of writing, Bitcoin was trading at $47,600. Buyers have been breaking down resistance in the face of overall US dollar weakness. The leading cryptocurrency is currently hovering near the upper limit of a 7-day range. After that, the road to $48,600-$49,000 will be open.

It should also be noted that today a golden gross has shaped up on the daily TF (MA50 and MA200 crossing). Heightened demand for risk-sensitive assets plus the crossing of moving averages strengthened buyers' positions. Given that price action has been consolidating for more than seven days, today’s move could be up to 10%.

A close above $47,500 would favorably affect the Bitcoin price before the close of the trading week. Also note the decoupling process when price action exceeds the channel by $500-700 and abruptly retraces to the channel. After such feints and a false breakout, it lurches to the opposite bound of the channel.

 

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