Bitcoin price analysis reveals that with enough luck and willpower, traders have been able to help Bitcoin (BTC) fling put of the quicksand on the charts.
Bitcoin’s escape from the nine thousand five hundred dollar territory ($9515.57) has been very dramatic to see the cryptocurrency leap from one territory to another. The bitcoin price rose from below ten thousand five hundred dollars ($10500) mark on the 19th of August and has been sustaining above it since.
Currently, Bitcoin (BTC) trades above the ten thousand and five hundred dollars ($10,700) at the time of writing, cutting it just short of the aforementioned value.
The bulls need to be on their toes, aggressiveness pushing the price upwards for another dip will make Bitcoin revisits the old nine thousand dollars ($9000).
This time, however, the Bitcoin price analysis indicates that the trading bounds won’t be so kind to the cryptocurrency, leaving BTC price at nine thousand and eighty dollars ($9080).
Bitcoin price analysis: Resistance/Support
Bitcoin price support below the current trading point lies at ten thousand seven hundred and twenty-six dollars ($10,726).
If the bulls do go all out and take a shot at the eleven thousand dollars ($11,000) mark, then a resistance mark at ten thousand and nine hundred dollars ($10,900) will be waiting for BTC price to get pass through it.
Failure to comply with the given resistance model will cause Bitcoin to consolidate in the ten thousand ($10,000) or even nine thousand dollars ($9,000) zones.
The relative strength index (RSI) shows that the buyer/seller balance has been created and falls just below fifty (50). The estimated moving average (EMA) and the simple moving average (SMA) too are flat.
Some experts are still worried that the Bitcoin price just might drop down to the seven thousand ($7,000) mark further below the nine thousand dollars support if the support breaks.
However, the BTC price is likely to break above the eleven thousand dollars ($11,000) mark and a shift in trend towards the top side will be seen.