- Bitcoin price analysis reveals that the cryptocurrency is correcting after the flash crash.
- A flash crash took the price down to the $43,173 level before rising up.
- Strong support is currently found in the $46,100 range.
- Strong resistance is currently found at the $46,500 range.
Bitcoin price analysis reveals that the king of cryptocurrency is now undergoing corrective momentum after a flash crash that took the price as low as the $43,173 mark. The king of cryptocurrency managed to recover to the $46,000 level right after the flash crash on the 7th of September. In a flash crash, the king of the cryptocurrency fell about $7,000 from the $50,800 range to below the $43,200 range. The king is down by 11.7 percent in the past 24-hours and 1.27 percent in the past seven days.
Bitcoin price analysis: 1day chart shows bearish crossovers
The one-day Bitcoin price analysis chart shows increased volatility in the price movement due to the heavy dip in the price during the past 24-hours; however, the volatility is still lower than the past month. The upper Bollinger band is found at the $52,003 mark showing the strongest resistance mark for the king of cryptocurrency, followed by a couple of bearish crossovers.
The nine-day moving average (MA) also marks the first bearish crossover at the value of $49,229, while the Bollinger bands’ average marks the second bearish crossover found at the $48,880 mark. The current price is found at $46,424 at the time of writing. The lower Bollinger band is serving as the strong support mark below the current price, found at the $45,757 mark. The relative strength index score is found at the 46.87 mark showing ample room for buyers to sway the trend in favor of bulls once again; however, the motion is nearing the oversold zone.
BTC/USD 4-hour analysis shows oversold momentum
Contrary to the one-day Bitcoin price analysis chart, the four-hour chart is showing that the relative strength index (RSI) is at heavily oversold momentum with a score of 27.97. The volatility has also increased manyfold as compared to the previous few weeks. The upper Bollinger band is found at the $54,496 mark, while the lower Bollinger band is found at the $45,780 mark.
The Bollinger bands’ average is found above the nine-day moving average at the $50,138 mark, whereas the moving average is found at the $49,100 mark. There are no other bearish crossovers on the four-hour charts except the bad RSI score, which is down to the point where buyers would have to make extra effort to bring it up in the four-hour momentum.
Bitcoin price analysis conclusion
The Bitcoin price analysis charts are a telltale of the bearish mapping after the flash crash; the reason for the flash crash is still unknown at the time of writing. However, speculations are circulating in the cryptocurrency market. If the current strong support levels persist, Bitcoin is likely to go back towards the $50,000 mark in a slow yet steady bullish walk. If the current support levels falter once again, the king of cryptocurrency is likely to fall further down to the $43,000 price level as seen in the flash crash earlier.
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