Bitcoin Price Analysis: BTC Bounces Back After Establishing Support at $10400

• Bitcoin’s price is bouncing back after locating support on the ascending trend line
• The last 24-hours trading has pulled the market back to $10400, although the price has resumed bullish due to increasing demand.

For about some days now, Bitcoin (BTC) has experienced a decent rise to $10700 area, marking another notable price level for the weekly trading. Due to recent pullback, BTC has seen a price dropped to $10400. But now, the bulls seem to regain momentum back

Meanwhile, Bitcoin is still down by 0.05%. We can expect more to occur if the supply remains heavy. Additionally, a daily candle close below $10000 is a reliable indicator for bearish reversal as Bitcoin is likely to go back to the $9000 zone. However, the monthly chart is pretty looking bullish with the $9000 holding as critical technical support for the market.

Bitcoin’s Current Statistics

Trading Price: $10650

Market Capitalization: $190,651,054,660

Trading Volume: $16,191,593,670

Key resistance levels: $10783, $10850, $10950

Key support levels: $9400, $9200, $9000

Bitcoin (BTC) Price Prediction for September 4, 2019

The hourly chart for Bitcoin’s is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $10400 – now a key support level. The next key support levels are $10200 and $10000. A break below the $10000 should be considered as a mid-term bearish continuation.

Considering the recent sharp rebound, Bitcoin may continue the bullish rally to $10783 resistance. A climb above the mentioned resistance may further bring BTC price to $10850 and $10950 price levels. As it appeared now, it seems the bears are returning in the market.

Conclusively

From $10700, Bitcoin has seen a daily price cut of $300 at the time of writing. Should selling pressure become dominant; we can expect a potential surge below $10000 for the world largest cryptocurrency.

Technical Indicator Reading

The RSI for Bitcoin price is now revealed in an upward direction after seeing a price reduction, a fall back is likely.

The Stochastic RSI is heading back to the overbought region after, suggesting the bulls are taking charge at the moment.

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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