According to the September 2 Bitcoin analysis; The price started an increase above the $48,000 resistance area against the US Dollar. According to technical analysis by NewsBTC’s Aayush Jindal:
- Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels.
- There was a break above a key bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could rise even higher if it closes above the $50,000 zone.
Bitcoin (BTC) Price Breaks A Major Barrier
Bitcoin price formed a bottom above the $46,500 zone and started an increase. BTC managed to clear the $48,500 resistance zone to move into the positive zone.
Besides, there was a break above a key bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained momentum above the 61.8% Fib retracement level of the key drop from the $49,678 high to $46,533 low.
On the downside, an initial support is formed near the $49,650 level.
An initial key support is formed near the $49,500 level. If there is a downside break below the $49,500 support zone, the price could decline to $48,800. The next major support is near the $48,500 level, where the bulls are likely to emerge.
Will Bitcoin (BTC) Rise?
Bitcoin could continue to rise if it stays above the $49,500 support zone.
A close above the $50,000 level could push the price higher. The next stop could be the 1.236 Fib extension level of the drop from the $49,678 low to $46,533 low. Any further gains could lead the price towards the $52,000 resistance zone in the coming sessions. An intermediate resistance is near the $51,550 level.
- Hourly MACD – The MACD is gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 60 level.
- Major Support Levels – $49,500 followed by $48,800
- Major Resistance Levels – $49,800, $50,000, and $50,400
Note: You have arrived at the end of the 2 nd of September Bitcoin price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.