Another week comes to pass as Bitcoin price hovers at the ten thousand dollars ($10,000) mark and past twenty-four hours (24hrs) have been no different than the price action across the week.
Bitcoin (BTC) price plunged down to the low point of nine thousand seven hundred and sixty-eight dollars ($9768.06) mark at one point while the highest point was recorded at the ten thousand four hundred dollars ($10400) mark.
Whereas the weekly high is recorded at the ten thousand nine hundred and twenty-nine ($10929) dollars on the 20th of August but the price has not been near that point since. Bitcoin is trading at ten thousand one hundred and three dollars ($10103.25) at the time of writing.
Bitcoin price – Bearish divergence
Cryptocurrency analyst and trading expert BitFink revealed that a bearish divergence can be seen on the Bitcoin cryptocurrency charts. The idea is simple and so far it has been keeping the BTC price afloat above the ten thousand dollars ($10,000) mark.
BitFink is of the view that short bearish divergences in the BTC price action are what keep the Bitcoin price above the psychological limit of ten thousand dollars ($10,000).
However, as evident in the chart above, if the Bitcoin price action falls into a corrective action the price is ready to fall down to the nine-thousand seven hundred and fifty-nine dollars ($9759) mark.
Below that point is the twenty (20) day low standing at the nine thousand four hundred and seventy dollars ($9470) mark.
On the other hand, twenty (20) day exponential moving average (EMA) stands at the ten thousand and thirty-three dollars ($10,033) mark. This is the point where the BTC price has been finding support over the weekend.