Bitcoin Maintains a Flattening Trend; Hovers Around $9600 Price Area

  • Bitcoin limiting the fall, trades around $9600 by maintaining a major support at $9500. 
  • If BTC continues to maintain a detangled trend, it can rightly breach $9800. 
  • Bitcoin price is now close to get a rooted support from the shortest moving averages towards $9700 price area.
  • BTC price now has a support from 100-day EMA

Bitcoin slid to the lowest around $9300, where it happened to be the major support price mark to save the coin from the strongest bearish plunge at $9000. With this BTC coin still holds an opportunity to retrace towards $10,000 and beyond. This will be accounted as a passing dip only if BTC price consolidates and breaches the 7-day high above $10,000.

Bitcoin to USD Chart by TradingView:

The below Bitcoin price chart is a data feed from Coinbase as on 31st August at 06:26 UTC.

Bitcoin Price

Tracing the 15 minutes momentum of Bitcoin in the past 24-hours, we see that the coin had the lowest at $9342.98, slightly above its major support level of $9300. Later, towards the end of the day, BTC price climbed really close to $9700 but could not breach and stayed tight at $9699.99. This was a much-needed spike of 3.82% which has now aided a flattening trend around the said price area only. 

However, if the BTC price breakouts in the downward direction, after this flattening trend, the lower lows will lead the coin to take support near 200-day EMA and 200-day SMA. The reversal trend will find support at $9300 and $9000, which will lead the coin in the strong bearish circle. Apart from this, know more about Bitcoin price prediction from our forecast page.

Technical Indicators:

Moving ahead with the selling pressure, BTC price is 6.79% and 7.85% lower than the 50-day SMA and 50-day EMA. Notably, the movement of 50-day EMA is slightly above 50-day SMA.

The MACD continues to move in the positive axis above zero but with a bearish divergence having RSI around 50 showing no overbought or oversold phase.

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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