Bitcoin price rebounded at the critical support of $9,000 and has risen above the EMAs indicating that price is in the bullish trend zone.
Bitcoin Price Technical Analysis
Yesterday, September 5, the price Bitcoin (BTC) was in a bullish trend as it broke the 12 and 26-day Exponential Moving Averages (EMAs). Bitcoin price has rebounded at a critical support level of $9,000 to indicate that the price is in the bullish trend zone. At the time of writing, the market is trading at the $10,350 price level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $10,800 price level. On the downside, if the bears break the critical support level, the market will decline to the lows of $8,000 support level. 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 has been hovering above the $10,000 support level for the past few weeks in August. The price of BTCUSD is expected to rise because it is above the EMAs.
The bulls are facing resistance at the $11,000 level and a breakout at the $11,000 and $12,000 price levels will push the market above the $13,000. In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $10,000, $10, 200 ¸ $10,400
- Support levels: $9,000, $8,800, $8,600
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.