Bitcoin price is gaining bullish momentum as it approaches the end to a trading pattern, that usually leads to a bullish breakout.
Bitcoin Price Technical Analysis
Yesterday, September 13, the price of Bitcoin (BTC) was in a bullish trend. The bulls broke above the $10,000 and $10,200 resistance levels to move into a mid-term bullish trend zone. The price has broken the 12-day Exponential Moving Average (EMA) and it is approaching the 26-day EMA.
Earlier, the market traded above the $10,400 resistance level. At the time of writing, Bitcoin price is trading at $10,376. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $10,500 and $10,600 levels. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is in a bullish trend. The crypto’s price is expected to rise because it is above the 12 and 26-day EMAs.For the past week, the pair has been trading inside a symmetrical triangle. This pattern formation is usually followed by a bullish breakout which is likely to cause the price of BTCUSD to retest the $10,500 levels if the bulls break above the $10,400 resistance level.
In the meantime, the MACD line and the signal line while above the zero line which indicates a buy signal.
- Resistance Levels: $10,400, $10,500, $10,600
- Support Levels:$10,300, 10,250, $10,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.