Bitcoin Price Analysis (BTC) – September 19
The recent price fluctuation in Bitcoin’s price is causing other altcoins to continue their bearish swing.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $10,800, $11,000 $11,200
Support Levels: $9,100, $8,900, $8,700
Bitcoin might have faced a setback for now; this is not a permanent one. The coin is likely to have a bullish run in the short-term but a price rally may help the coin to touch its monthly high one more time. Currently, Bitcoin is trading around $10,050 level after a free fall from $10,442 a few days back. The coin has shown tremendous volatility over the past 10 days.
However, looking at the daily chart, $9,100, $8,900 and $8,700 serves as the major support levels, making room for BTC to fall even further. The stochastic RSI for the coin is facing the overbought zone as trading volume is decreasing. BTC/USD may see resistance levels at $10,800, $11,000 and $11,200.
BTC/USD Medium-term Trend: Ranging (4H Chart)
After a serious drop that surfaced today, the Bitcoin price surged upwards of over $400 in the late hour of today’s trading, catapulting its price from $9,804 to reach around $10,376. After the sudden rise, the coin started dropping in price to where it’s trading currently at $10.289. Should the price continue to drop further, it could reach the nearest supports at $9,800, $9,600 and $9,400 respectively.
Moreover, if the bulls could put a little effort to push the price above the moving averages, the price of Bitcoin may likely hit the critical resistance at $10,400 before heading to the potential resistance levels of $10,500, $10,700 and $10.900. More so, the Stochastic RSI has recently revealed a sign of trend reversal, which shows more bullish momentum, is likely to play out.
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