Insights > Technical analysis > Bitcoin back on the $10,000 level. Is it already time to buy back?

Bitcoin back on the $10,000 level. Is it already time to buy back?

9 September 2020

Temps de lecture 4 minutes

Julien Moretto

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Last week’s flash crash finally triggered a sharp correction in the cryptocurrency market. Bitcoin gave up nearly 15% over one week to come back around €8650 ($10,100) on September 9. Ethereum suffered more from the decline due to recent excesses around decentralized finance (DeFi) and lost 28% in seven days. A decline which must however be put into perspective by taking into account the increase of the last few weeks.

Two main reasons seem to explain this sudden turnaround. The first comes from the DeFi, which had entered a sort of “bubble” with the multiplication of clone or eccentric, overvalued projects. A number of big wallets had to take big profits on these projects after letting the euphoria take hold. The second explanation comes from traditional markets. The revelations about the SoftBank fund that has taken important positions on the Nasdaq index through options have been badly received, suggesting that the recent rise in US tech stocks was partly artificial. A “contagion effect” of the correction has spread to all markets, including the cryptocurrencies market.

From a technical point of view, Bitcoin is back in a buy zone, but the selling pressure remains strong. The $10,000 support could give way and bring the price down another 8 to 10%. In the mid term, the uptrend of the last few months is not yet questioned. We are observing the key levels to give you the best possible entry points.

  • According to CoinGecko, market capitalization drops sharply to $330 billion from $380 billion last week.
  • Bitcoin’s dominance increased slightly to 56.6% from 54.5% at the beginning of the month.
  • The best performance of the top 50 is to be attributed to TRON (TRX) with +1.9% over one week.

We invite you to discover our analysis in video (in french and dated September 8) :

[passster password=”S8t0sh1Pr1n64″]

Bitcoin (BTC)

Coinhouse recommendation :

  • Bitcoin’s price is at €8650 ($10,100) on September 9, losing nearly 15% over one week. The price is in the pre-identified buy zone, between €8600 and €8800 ($10,200 and $10,500). But the reaction of buyers is not exceptional. In addition, there is another price zone, that of €8,300 ($9,700), which may be of interest to institutional investors trading Bitcoin on the Chicago Stock Exchange, due to an unfilled “gap” on a Futures contract. This zone will therefore be favorable for buying, but watch out if selling pressure remains strong. If the price falls below this level, the next support is between €7,700 and €7,830 ($9,000 and $9,200). A price level on which to position yourself when buying.
  • Less likely, the scenario of an immediate rebound is not to be ruled out. First of all, the price will have to close above €8,850 ($10,400) in the daily time unit. This will be a first positive signal. The resistance zone to cross in order to restart a nice uptrend will be the 9,350/9,500€ (11,000/11,200$).

Ethereum (ETH)

Coinhouse recommendation :

  • Ethereum (ETH) suffered more from the decline and ceded 28% over the week to stand at €292 ($345) on September 9th. But the asset was also more bullish before and, contrary to Bitcoin, the price of Ether is in a technical zone that is favorable for buying as it is located on Fibonacci retracement levels. This zone is between €265 and €285 ($312 and $338) and we had already anticipated this last week. The rebound could first bring the price back to the €340 ($400) level, on which we can expect to encounter some selling resistance.
  • If the €265 ($312) support gives way, the price will fall to the €247 ($290) level, which corresponds to a previous market peak in February 2020 and on which it will be necessary to position oneself to buy.

Aave (LEND)

The Coinhouse opinion :
Buy on support

  • Aave (LEND) is one of those tokens in the DeFi ecosystem that we believe are based on solid fundamentals. We must put into perspective the 27% decline in assets this week, given the strength of the previous increase. The LEND price rebounded on a technical zone between $0.47 and $0.56 which is favourable for redemptions. Given the underlying trend, which is very bullish, we favour a rebound for a continuation of the trend. Beware of the $0.66 level, which should provide momentary resistance. If, however, the market as a whole were to start falling sharply again, another area of interest for buying LEND is the $0.38 level.

Top & flops of the week (top 50 marketcap)


1- TRON (TRX) : +1,9%
2- Binance Coin (BNB) : -4,4%
3- Leo Token (LEO) : -4,6%


1- UMA : -37,4%
2- Synthetix (SNX): -35,6%
3- Compound (COMP) : -32,2%

In this article, all information is given for information purposes only, even if it has been established from serious and reputable sources. It does not constitute an offer by Coinhouse to buy or sell digital assets, or an offer to provide services on digital assets, nor does it constitute advice, encouragement or a recommendation to operate on the digital assets in question. It constitutes simple information over which the user retains absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale ( and accept the various risks listed and defined on our legal warning page (


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