Bitcoin price analysis shows that the cryptocurrency king made a good recovery a few days after the flash crash and the momentum is now quite bullish. The cryptocurrency king had a heart attack on September 7, apparently due to a $3.7 billion liquidation.
The price has fallen by more than seven thousand dollars in a matter of minutes, and since then King has been holding the price movement low; However, in recent days, Bitcoin price has rebounded quite well and is showing a bullish trend.
Bitcoin price analysis, 1-day chart shows bulls promise
The one-day Bitcoin price chart shows that after several days of mixed activity, the cryptocurrency is now moving with bullish momentum. The last few days have been in an upward momentum that has accelerated the current pace of price movement. As the variability increases, so does the stability.
At the time of writing, Bollinger’s upper band is at $52,155 while Bollinger’s lower band is at $43,699. Both the Bollinger Bands average and the nine-day moving average serve as strong reference points on the chart.
The Bollinger Bands average value is $47,927 while the nine-day moving average is $46,351. The relative strength index shows a score of 54.34, which is a neutral score that cryptocurrencies should have.
The 4-hour BTC/USD price chart shows green across the chart
The four-hour chart for analyzing the Bitcoin price is greener than the one-day chart. Although the variability has increased many times, there are very few red candles among all the green candles on the chart.
Bollinger’s top band is at $49,161, which, as usual, also indicates a point of top resistance. While Bollinger’s lower band is present at $43,638, it sees strong support and less volatility than the one-day chart.
The cryptocurrency king is also enjoying bullish momentum on the 4-hour chart, while the nine-day moving average and Bollinger Band average are very supportive of the current price. The nine-day moving average is $47,737 while the Bollinger Bands average is $46,400. The relative strength index is the result of 65.72, tends to be slightly overbought, but still offers a wide range of options for bulls.
Conclusion on Bitcoin price analysis
A four-hour and one-day analysis of the Bitcoin price shows that the cryptocurrency king is recovering well from a heart attack and is now moving in a healthy upward momentum on the charts. If the current rate stays the same, the king is likely to test the resistance again at $48,800.
If current maintenance costs decrease in any way, the king is likely to shake and maintain the current strong support level before embarking on an aggressive upward move. However, the price has stabilized and Bitcoin price developments will remain the same in the coming days.
Why Bitcoin is falling down today
Cryptocurrency prices fell on Thursday due to ongoing weakness in the virtual coil market. … Bitcoin (BTC), the world’s most popular cryptocurrency, was trading at 12:07 p.m. below $47,000, down 2.95 percent. Virtual coin market cap fell sharply to $882 billion
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