bullish

Bitcoin

when

Material

Daily

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-rallies-after-initial-dip" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rallies After Initial Dip</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/mt-gox-payments-impact-crypto-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price rebounded after dipping to $48,800 on Monday, following a drop below $56,000 caused by support concerns when Wall Street commenced trading on August 7. The cryptocurrency later regained its previous level.</p>
<h2 id="market-sentiment-analysis">Market Sentiment Analysis</h2>
<p style="text-align: justify">Data from TradingView indicated that Bitcoin’s price recovery decelerated, with BTC/USD stabilizing compared to the day’s opening. Despite a $7,000 increase from the six-month low on August 5, investor uncertainty persisted due to unpredictable <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>.</p>
<p style="text-align: justify">Data provider Material Indicators analyzed the order book on exchanges, suggesting that the price could fluctuate based on existing buy and sell liquidity. They highlighted the significant but surmountable BTC liquidity between the current level and the CME Gap.</p>
<h2 id="technical-signals-and-indicators">Technical Signals and Indicators</h2>
<p style="text-align: justify">Material Indicators co-founder Keith Alan discussed the “death cross” involving various moving averages but remarked that the situation remains manageable. Indicators like Trend Precognition and MACD indicated a momentum shift on Bitcoin’s Daily chart, though the bullish signals were dampened by the death cross between the 21-Day and 100-Day MAs.</p>
<p style="text-align: justify">Alan noted that death crosses are lagging indicators, and a quick recovery could mitigate their impact. He emphasized that filling the CME Gap and continuing upwards would signify strength for BTC bulls, while failure to fill the gap or rejection at the gap’s top would be concerning.</p>
<h2 id="investor-strategies-what-should-they-do">Investor Strategies: What Should They Do?</h2>
<p style="text-align: justify">Analyzing macroeconomic conditions, it was observed that Bitcoin’s price fluctuated throughout the day, with investors adopting a “wait and see” attitude. Trading firm QCP Capital advised crypto investors to monitor macro correlations and warned of continuing selling pressure due to increased volatility.</p>
<p style="text-align: justify">QCP suggested the following strategies:</p>
<ul>
 <li>Monitor Nasdaq, Nikkei, and USDJPY for cross-asset correlations.</li>
 <li>Establish longer-term bullish positions anticipating a downtrend cycle.</li>
 <li>Prefer trades with a 3-6 month horizon to avoid higher fluctuations.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">Given the recent market volatility, QCP reiterated its stance on long-term crypto investments, highlighting that the temporary market fluctuations have ended. Investors are encouraged to adopt long-term strategies to navigate the unpredictable market conditions effectively.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-rallies-after-initial-dip" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rallies After Initial Dip</a></h5>

Bitcoin Rallies After Initial Dip

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