Price Analysis

Bitcoin Price (BTC) Nosedives from $10,400 but Rightly Remains Above $10,000

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Bitcoin has made enough attempts to gain momentum from the nosedive it is facing at present. BTC price is in a constant effort to rise above $10,400 since past 24 hours. Unable to gain the right push, BTC is trading around $10,000.

Current trading price of BTC is well supported by its 100-day SMA.

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If the coin breaks out in downward motion the 100-day EMA ($9695.58) will serve as major support before Bitcoin start fetching huge losses. This will make BTC fall in buy phase pulling it out of the current selling zone. However, if BTC slips even lower, $9500 remains the riskiest point.

Price of Bitcoin in the past 24-hours has traded as high as $10,381.33 testing resistance at $10,400 for a bullish sentiment.

BTC to USD Price Chart by TradingView:

Bitcoin price chart is a data feed taken from Coinbase as on 28th August at 04:25 UTC.

Bitcoin Price
BTC Price Chart by TradingView

In the past 24 hours, Bitcoin price has attempted to cross $10,400 and trade persistently in the bullish zone, but the selling pressure and volatility plays an important role has pulled back the coin.

Bitcoin price today has been trading persistently beyond $10,000 after a long-watched trade duration. Now, if the top-most currency breaks down even lower, Bitcoin may not end the year on a good note.

A strong entry into the bull market still remains awaited only if BTC plans to surge above the major resistance it is facing at the 30-day EMA i.e. $10,400 and beyond.

Important to note that BTC has slipped as low as $10,020.38 in the past 24 hours and is current trading at $10,100.00 with a marginal surge of 0.79%.

Bitcoin rightly needs a persistent trading above $11,000 and $12,000 in order to have a sustained end to the year 2019 or it will leave the investors collecting in bits.

Technical Indicators:

Bitcoin technical indicators at present trading level also point towards strong bearish impression.

The 5-day EMA ($10,186.27) accompanies BTC price but the current trading level is still 0.84% less than the same. While the 10-day EMA remains 100 points ahead of the shortest EMA and the current price of BTC lacks by 1.81%.

The MACD of the coin also appears bearish with a negative sentiment as the signal line crosses the MACD line.

The RSI remains around 50 with no inclination towards being overvalued or undervalued.

The said resistance and support levels are the important price marks or it can even slip as low as $9000 if not catered well.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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