Bitcoin price is currently under downside pressure after experiencing a decent rise to the $10,800 level.
Bitcoin Price Technical Analysis
In retrospect, the price of Bitcoin (BTC) was in a bullish trend as it broke the 12 and 26-day Exponential Moving Averages (EMAs). After climbing to the $10800 level, however, the market plunged below $10,500 level on September 6 and later started an upside correction. At the time of writing, Bitcoin price is under pressure while trading at the $10,110 support level.
On the downside, if the bears break below the $10,110 level, the price will decline towards the $10,000 support level. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $10,400 and $10,500 resistance levels.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, BTCUSD price is in a bearish trend. The crypto’s price is struggling to climb higher and is approaching the $10,100 support level. There is a key bearish trend line forming on the chart near the support level. A break below the $10,100 support could push the price towards the $10,000 level.
The price of BTCUSD is facing resistance at the $10,500 price level. In the meantime, the MACD line and the signal line are below the zero line which is an indication of a sell signal.
- Resistance Levels: $10,400, $10,500, $10, 600
- Support levels: $10,100, $10,000, $9, 900
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.