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.

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