Key Highlights
- Bitcoin price has rebounded at the critical support of $9,000 and has risen above the moving averages indicating that price is in the bullish trend zone
- The bulls are facing resistance at the $11,000 mark, a breakout at the $11,000 and $12,000 price zones will push the market above the $13,000 supply zone
- The $9,000 demand zone is a critical support zone. A breakdown at this zone will cause further depreciation to the cryptocurrency
Bitcoin (BTC) Current Statistics
The current price: $10,741
Market Capitalization: $192,468,918,718
Trading Volume: $15,367,062,128
Major supply zones: $13,000, $14,000, $15,000
Major demand zones: $9,000, $8,000, $7,000
Bitcoin Price Analysis September 06, 2019
The price of Bitcoin (BTC) has been hovering above the $10,000 demand zone for the past few weeks in August. The demand zone has experienced false breakdown as the market corrected itself on each occasion. The correction is short-lived as the bulls were resisted at the $10,400 and the $10,800 demand zones. However, on August 28, the BTC price had a strong selling pressure which broke the $10,000 demand zone and price fell to the $9,400 demand zone.
The $9,000 demand zone is a critical support zone as the coin makes an upward move. If more buyers come in at this zone, the upward movement may be sustained. In other words, an intense buying pressure will break the $10,400 and $10,800 demand zones.
The uptrend resumption may commence if the bulls break the $11,000 and $12, 000 resistance zones. Conversely, if the bears break the critical support zone, the market will nosedive to the lows of $7,500 or $8,000 demand zones.
Bitcoin Technical Indicators Reading
The price of Bitcoin is above 50% range of the daily stochastic indicator. However, the blue and red bands of the indicator have made a U-turn above the oversold region. This indicates that the crypto’s price is in a bullish momentum and a buy signal. Also, the price has risen and broken above the blue line and the red line moving averages, indicating that price is in the bullish trend zone.
Conclusion
The BTC price has resumed its upward movement to revisit the previous highs. The market is expected to rise as the bulls made an upward move to retest the upper trend line. However, if the bulls test and fail to break the $10,800 demand zone, the downtrend is likely to resume. On the downside, if the bears break the critical demand zone, the price of Bitcoin will fall. Besides, the uptrend resumption is likely to be delayed.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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