Bitcoin Price Analysis: BTC Running Retracement as $9300 Holds as Support

• The price of Bitcoin (BTC) is up by 0.07% as the buyers struggle for immediate resistance.
• Bitcoin (BTC) correction continues on a mid-term trend with a dominant bearish bias outlook.

Bitcoin’s price is struggling to look for a retest at around the immediate resistance of $9750, but it seems the $9500 – $9600 price levels have become a critical zone for BTC to surpass over the past 48-hours. Still, the buyers keep pushing the price higher and have been able to reach $9700 mark so far.

We can expect further positive move as long as the bulls remain firm in their position. However, Bitcoin is still in its mid-term bearish correction. For this reason, we should expect a more price fall in the coming days if the $10000 resistance continues to suppress buying pressure.

Bitcoin 9BTC)’s Current Statistics

Trading Price: $9571

Market Capitalization: $171,987,163,783

Trading Volume: $11,478,212,705

Key resistance levels: $9750, $9885, $9950

Key support levels: $9500, $9400, $9300

Bitcoin Price Prediction for August 31, 2019

As appeared on the hourly chart, Bitcoin is still following a downtrend, although the $9300 is acting as support for the market since August 29. Looking at the market structure in the last two days, we can Bitcoin’s price is rising on a slow and steady movement with choppy price action. The buyers’ commitment is low but targeting $9750, $9885, and $9950 on the upside.

Bitcoin’s price may face another critical level at $9750 resistance, which was similar to the $9500 level on the hourly chart. If the $9750 shield firmly, BTC may fall back to $9500, $9400 and $9300 supports before locating new support. Currently, the BTC/USD pair is still pretty declining across all time frames, suggesting a dominant bearish bias for the market.

Conclusively

The last two weeks trading has produced a falling channel pattern for the BTC/USD pair. We can expect price action to follow this pattern until another price break occurs. Another thing to note is the Bitcoin’s statistics which has continued to drop over the past weeks – A pointer to more price fall.

Technical Indicator Reading

The RSI indicator is rising back due to the recent recovery from the oversold region, reflecting the rebound at $9300.

The Stochastic RSI for Bitcoin price is currently lying in the oversold territory with a possible decisive climb.

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.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.