Bitcoin Price Reversal Confirmed? Expert Hints at Price Reversal

After a major 10% worth drop up to now two days, Bitcoin (BTC) is now poised for a worth reversal, as shared by a crypto knowledgeable. On September 7, 2024, a crypto knowledgeable and a dealer posted on X (previously Twitter) that the technical indicator referred to as Chande Momentum Oscillator (CMO) is signaling a possible worth reversal for Bitcoin.

Knowledgeable worth reversal ideas for Bitcoin

After reaching an all-time excessive of $73,777 in March 2024, BTC has been shifting in a descending channel sample since then. The dealer famous that when BTC reaches the decrease degree of the channel sample, the technical indicator CMA hits its rebound set off zone and the value of BTC begins to get better and rise considerably.

Since March 2024, BTC has revisited the decrease degree of the channel thrice, and every time it has skilled an enormous upward rally. Nevertheless, in the course of the latest worth decline, BTC’s worth as soon as once more returned to the decrease degree of the channel sample, and the technical indicator additionally hit the rebound set off zone, indicating a doubtlessly vital upward rally or worth reversal within the coming days.

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Bitcoin technical evaluation and key ranges

In accordance with knowledgeable technical evaluation, regardless of buying and selling under the 200 Exponential Transferring Common (EMA), Bitcoin presently appears bullish and poised for upward momentum. BTC’s Relative Power Index (RSI) has fashioned a bullish divergence on a every day timeframe, indicating a possible worth reversal. Nevertheless, merchants and buyers typically see this as a purchase sign.

Based mostly on the historic worth momentum, there’s a good likelihood that BTC might rise to $57,500 and $65,000 within the coming days.

Present worth momentum

On the time of writing, BTC is buying and selling close to the $54,480 degree and has skilled a modest 0.8% worth improve over the previous 24 hours. In the meantime, buying and selling quantity has fallen by 25% over the identical interval, indicating decrease dealer participation as a result of latest market sell-off.

Whereas BTCs open interest has remained secure over the previous 24 hours. Nevertheless, since September 3, 2024, it has steadily declined, indicating a decline in dealer curiosity.