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The price of Bitcoin continues to hover around $26,000 at the time of writing this article. We are in the last days of August, a month that has been filled with fear and concern for crypto investors in September. The last time BTC closed September positively was in 2016. While historically it may seem ominous to enter such a bad month, there may be some signals that shed light on what is to come.
Bitcoin (BTC) Analysis
China‘s news of reducing stock trading taxes by 50% has revived the US futures towards the opening. S&P 500 and Nasdaq started the day positively. Michael Poppe argues that investors need to maintain the $25,700 level in the short term. According to the crypto expert, closing below this region can result in very negative outcomes at this stage. He even argued that even the sideways period of 2015-2016 would be a better scenario than a decline, giving an example.
The picture drawn by Poppe is scary, but not unfounded. Many cryptocurrencies are on the verge of all-time lows. Some have even witnessed deeper historical lows with the selling pressure this month.
“If the 200 Weekly EMA continues, we can conclude that we have hit the bottom here and potentially obtained a great entry point. If it is lost, I will look at $19,500-$21,500 as the next major entry point and the ultimate capitulation. As long as we don’t lose the critical level, tests won’t be a problem.”
Crypto Signal
CryptoCapo mentioned in his weekend market analysis that there could be a jump above $27,000 in the short term. However, he also stated that many cryptocurrencies, including BNB Coin, have received oversold signals. Another analyst, Titan of Crypto, points to $25,900. In fact, this level is just above the region indicated by Poppe.
The analyst also said:
“RSI has been very low for 1.5 weeks. In recent years, it has gone below 25 for 7/8 times, which always told us that we hit the bottom. After this signal, we have witnessed a minimum increase of 30% in price.”
We experienced a violation in September 2019 once every 8. If the same thing happens again, it will be the second time. On the other hand, if BTC closes September with an upward trend, it will be the first green September since 2016 in history.
