Bitcoin price is currently trading above the $10,500 support level after a recent surge above the $10,800 level. The BTCUSD is likely to continue the uptrend.
Bitcoin Price Technical Analysis
Yesterday, September 4, the price of Bitcoin (BTC) was in a bullish trend as it has broken the 12 and 26-day Exponential Moving Averages (EMAs). The bulls made an upward move and broke above the $10,500 resistance level and pushed the market close the $10,800 level. The price later corrected lower below the $10,550 level but was well supported at the $10,400 level. As a result, the price climbed higher. At the time of writing, Bitcoin price is trading at $10,617 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $10,700 and $10,800 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 following the recent rebound at $10,400, which is now a key support level. The crypto’s price is likely to grind higher because it is above the 12 and 26-day EMAs.
The price of BTCUSD has risen and it is facing resistance at the $10,800 price level. In the meantime, the MACD line and the signal line are below the zero line which indicates is a buy signal.
- Resistance Levels: $10,700, $10,800, $11,000
- Support levels: $10,500, $10,400
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.