Bitcoin Price Analysis (BTC) – September 3
Bitcoin has effortlessly zoomed above $10,000 before refreshing levels above $10,500. The technical levels remain positive, especially with the stochastic RSI moving towards the overbought zone.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $11,500, $12,000, $12,500
Support Levels: $9,000, $8,500, $8,000
BTC/USD is currently on the bullish trend on the long-term outlook. The Bears lost the momentum at the support levels of $9,000, $8,500 and $8,000 respectively and could not penetrate these levels. The coin bounced and propelled towards the north. The price has broken upside by crossing the 9-day and 21-day moving averages and the coin is now facing the resistance level of $11,000 waiting to break out of the channel. The strong bullish daily candle formed yesterday and today on the daily chart indicates that the Bulls are fully in control.
Meanwhile, looking at the chart, $8,500, $8,000 and $7,500 serve as the major support levels, making room for BTC to fall even further. The stochastic RSI for the coin is heading below 40 to indicate an oversold momentum as MACD indicator is still at the negative side. BTC/USD may see resistance levels at $11,000, $11,500 and $12,000. The technical levels remain positive, especially with the stochastic RSI towards the overbought zone.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Bitcoin price surged upwards of over $800 in the past 24 hours, catapulting its price over $10,000 to reach where it currently trades at around $10,693. This sudden rise also pushed the price overall other altcoins, which increased by more than 1.1% in the respective period. However, the closest resistance levels lie at $11,000 and $11,500, while the nearest supports are $10,200 and $9,800 respectively.
Moreover, as the coin moves above the 9-day EMA and 21-day MA, the technical indicator is strongly bullish and still flashing buy signals. After recording its lowest since early this year, the RSI indicator surged along with the price. However, as of writing this, the indicator had encountered tough resistance levels at the overbought area.
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