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Bitcoin Price Analysis: BTC will soon test $ 49,000 again

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  Bitcoin

TL; Fault DR

  • Bitcoin price analysis shows that there is a troublesome move for the king of cryptocurrencies.
  • Most likely, Bitcoin will soon test the $ 49,000 mark again.
  • Strong support is currently found at the $ 48,350 mark.
  • Strong resistance is currently found in the $ 48,800 mark.

Bitcoin price analysis shows that the king of cryptocurrencies is falling again after midnight on world clocks. With a dramatic increase on September 2, prices have fallen by the same amount. Interestingly, prices fell as much as before the sudden rise. The king of cryptocurrencies returned to pre-September 2 support levels after enjoying brief peaking moments above the $ 50,000 mark but failing to secure enough support to maintain that high. In the last 24 hours alone, prices have fallen 2.31 percent. However, prices have risen 2.68% in the last seven days.

The 1-day BTC / USD price chart shows the corrective moves

A one-day chart of bitcoin price candlesticks shows corrective moves for the king of cryptocurrencies. The Bollinger Band is found at $ 50859 while the overall volatility is down. Bitcoin is priced at $ 48,588 at the time of writing, and the nine-day moving average and the Bollinger Group average are strong support.

Bitcoin Price Analysis: BTC will test $ 49,000 again soon
BTC / USD 1 day candlestick price chart. Source: Commercial View

The nine-day moving average is marked with $ 48,286 and the Bollinger Bands average with $ 47,878. The Bollinger Band is also the strongest support at $ 44,896. The most interesting value is the relative strength index, which stands at 57.28, despite a sudden crash that indicates corrective moves for the king of cryptocurrencies.

Bitcoin Price Analysis: Shows a 4-hour chart of descending crossovers

A four-hour chart analyzing the price of Bitcoin crossovers shows the downtrend with red candles, which shows the current fall in price. The Bollinger Band is found at $ 50,301, while volatility has increased over the past 24 hours. The bearish cross is visible in the chart and its 9-day average is $ 49,526. The average Bollinger Bands is below the current price and acts as a support for $ 48,233.

Bitcoin Price Analysis: BTC will soon test $ 49,000 again 2
BTC / USD 4-hour candlestick price chart. Source: Commercial View

While the Bollinger Bands, which act as the strongest support, are found at the $ 46,166 mark, which indicates further volatility. The relative strength index is also found in the neutral score of 50.16, but the previous RSI move indicates that the cryptocurrency was too close to the buy position before the flash fell.

Conclusion Bitcoin price analysis

The king of cryptocurrencies is writing the correction period, while the current support level is one of the strongest support levels in the last 30 days. If current support levels continue, BTC will soon retest the $ 49,000 benchmark. However, if the current level of support is shaken, the king of cryptocurrencies will fall below the $ 48,000 mark and over $ 47,000 depending on the downturn. For now, we are optimistic that the king is likely to be strong with the current level of support.

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