Bitcoin price finally had a sigh of relief when it found support at $40,750. It seems that at this level, BTC does have a solid bottom and is looking bullish. For a better insight, check out all our Bitcoin daily analysis articles for September. Here is a summary of Bitcoin Price in the past 24 hours:
- BTC surpassed the $42,500 and $42,000.
- Currently, the price is above $42,500 and the 1-hour candles are above the SMA100
- For the 1-hour chart, BTC broke through the the resistance level for a downward trend at $42,200.
- It is likely that Bitcoin approaches toward the $42,200 resistance level.
Bitcoin Price Action Analysis
The $40,750 support level was a life saver for BTC. Subsequently, the price managed to start a new uptrend above the $41,500 resistance level. For the 1-hour chart, the $42,000 resistance level as well as the SMA100 failed to hold the price down.
Looking at the same chart, the price surpassed the $42,200 resistance level which was crucial. As of now, BTC has penetrated the 50% Fibonacci retracement level from the latest fall from $44,325 to $40,771. The current price is above $42,500 and the 1-hour price candles are above the SMA100. In case the bullish trend continues, the $43,200 is the first resistance level to come.
Following that, the $43,500 will be next to resist the growth. This level is near the 76.4% Fibonacci retracement level. Further growth could bring the price closer to $44,350 resistance level. By breaking through this level, the bullish run will gain strong momentum. The next resistance level will be at $45,500.
On the other hand, if Bitcoin price fails to surpass $43,500, there will be a newly formed downtrend. With that, the first support level is at $42,800.
For that scenario, the $42,500 and the SMA100 will support the price. Dipping below $42,500 can bring the price closer to $41,500. Much like before, the big boss support level is still at $40,750. If it fails to hold the decline, BTC will suffer greatly.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $43,500, $44,300 and $45,500 are crucial resistance levels to beat.
Support levels: the $42,500 and $41,500 are important support levels that will cause further decline if they are broken.
If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, check out our blog.
