Bitcoin Price Analysis: BTC Halts at $9300 Support, but RSI Remains Bearish

• Bitcoin (BTC) price meets daily support at around $9300 after massive sell-off.
• The technical indicators are eroding a mid-term bearish bias.

Yesterday, Bitcoin’s price eventually broke the $10000 level, which has proven difficult for the market to surpass since the weekly opening. The giant coin saw a rollercoaster move to the $9300 area, where it currently found support near the triangle’s lower boundary.

Now, the latest price reduction has made Bitcoin’s price to see a sharp cut of $900, amounting to 7.03% loss. After locating daily support at $9300, Bitcoin (BTC) has managed to climb a bit to $9525. If we continue to see a price push, the cryptocurrency may retest the previous break level.

Bitcoin’s Current Statistics

Trading Price: $9525

Market Capitalization: $170,546,026,213

Trading Volume: $20,520,509,816

Key resistance levels: $9800, $10000, $11250

Key support levels: $9300, $9100, $9000

Bitcoin (BTC) Price Prediction for August 29, 2019

Zooming into the daily chart tells that  Bitcoin is looking for a solid support level around the triangle’s lower boundary, where the $9100 – $9000 support zones lie, although the July low of $9300 support has been able to contain the recent sell-off in the market. Nevertheless, the price action is still maintaining a downward spiral on a medium-term.

Acting upon the little price recovery, the BTC/USD pair is more likely to retrace back at the $9800 and $10000 on the upside before a further drive to $10250 resistance. As it appeared, there’s no sign yet to confirm a bullish move for the cryptocurrency. However, if the rally continues heavily, Bitcoin may fall below the triangle formation.

Conclusively

So far, Bitcoin’s price action has remained within the triangle boundary over the past two months. Any sudden price surge now would determine the next actual direction for Bitcoin in the coming months. Another thing to note is that if BTC can manage to hold at the $9300 support for the next few days, the $10000 price level may resurface.

Technical Indicator Reading

The RSI for Bitcoin price continues to face the 30 level, which shows that the price is under an intense bearish action.

The Stochastic has seen a fall back in the oversold region after signaling a bullish crossover over the past weeks.

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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