- Bitcoin price analysis reveals a bumpy ride for the king of cryptocurrency.
- Bitcoin is likely to retest the $49,000 mark soon.
- Strong support is currently found at the $48,350 mark.
- Strong resistance is currently found at the $48,800 mark.
Bitcoin price analysis reveals that the king of cryptocurrency is recorrecting price after a flash crash right after midnight on the universal clocks. The price has fallen in a similar manner as the flash rise on the 2nd of September. Interestingly the price has fallen to the same level as it was before the flash rise occurred. The king of cryptocurrency is now back to the support levels it was before the 2nd of September after enjoying brief moments of highs above the $50,000 mark but unable to gain enough support to maintain these highs. During the past 24-hours alone, the price has fallen by 2.31 percent; however, the price is up by 2.68 percent in the past seven days.
BTC/USD 1-day price chart shows corrective movements
The one-day Bitcoin price analysis candlesticks chart reveals corrective movements for the king of cryptocurrency. The upper Bollinger band is found at the $50859 mark while the overall volatility is decreasing. Bitcoin price stands at the $48,588 mark at the time of writing, and both the nine-day moving average as well as the Bollinger band’s average are serving as strong supports.
The nine-day moving average is found at the $48,286 mark, and the Bollinger bands’ average is found at the $47,878 mark. The lower Bollinger band is also serving as the strongest support at the $44,896 mark. The most interesting value is that of the relative strength index, which is at the 57.28 mark despite a flash crash signaling corrective movements for the king of cryptocurrency.
Bitcoin price analysis: 4 hours chart shows bearish crossovers
The Bitcoin price analysis four-hour candlestick chart is showing bearish crossovers with some red candles depicting the current fall in the price. The upper Bollinger band is found at the $50,301 mark, while the volatility has increased in the past 24-hours. The bearish crossover is evident on the chart, with the nine-day average at the $49,526 mark. The Bollinger bands’ average is found below the current price, acting as support at the $48,233 mark.
While the lower Bollinger band acting as the strongest support is found at the $46,166 mark showing higher volatility. The relative strength index is also found at the 50.16 neutral score, but the earlier RSI movement shows that the cryptocurrency was getting close to the overbought status before the flash crash.
Bitcoin price analysis conclusion
The king of cryptocurrency is going through a correction period at the time of writing, while the current support levels are among the strongest support levels found within the past 30-days. If the current support levels persist, BTC would be retesting the $49,000 mark very soon. However, if the current support levels falter, the king of cryptocurrency is likely to fall down below the $48,000 mark and further below the $47,000 mark, depending on the crashing situation. For now, we are optimistic that the king is likely to rise with the current strong levels of support.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.