Bitcoin price Analysis – BTCUSD Remains in its mid-term bearish correction

Bitcoin price is under a lot of downward pressure having broken below the $10,000 level. Will the BTCUSD pair continue to decline? Gain insight into the following technical analysis.

Bitcoin Price Technical Analysis

Yesterday, August 30, the price of Bitcoin (BTC) was in a bearish trend having broken below the 12 and 26-day Exponential Moving Averages (“EMAs).

Recently, the bears broke below the $10,000 and $9,800 support levels and settled below the $9,760 level. Finally, the downward trend continued below the $9,500 support area and even declined further towards the $9,300 price level. Currently, Bitcoin price is trading at $9,599 as at the time of writing.

On the upside, if more buyers emerge the price will rise to retest the $9,760 level and $9,800 levels. On the downside, if the bears break the $9,599 level, the price of Bitcoin will decline to the $9,400 and $9,300 levels.

In the meantime, 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 correcting higher due to the recent recovery from the oversold region, reflecting the rebound at the $9,300 price level.

However, the price of BTCUSD is likely to face tough resistance near the $9,760 and $9,800 level. In the meantime, the MACD line and the signal line are below the zero line which indicates is a buy signal.

• Resistance Levels: $9760, $9800, $9950
• Support levels: $9500, $9400, $9300

Disclaimer

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.