Bitcoin (BTC) Price Analysis – Bullish & Bearish Scenario for the Immediate Short term

2:35 pm, Wed, 1 September 21

Current Bitcoin Data

Dominance
Price
Market Cap
Volume (24h)
1h
12h
1d
7d
1m
1y
?

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above $47,500 and is trying to break out of the descending channel we identified on the 1-hour timeframe. BTC’s price has been consistently making lower highs on the shorter timeframes, and we could expect a breakout soon if the volume keeps flowing.

We can also expect a move towards the downside if we fail to break out of this channel in the next few hours.

Bitcoin Price Analysis 2021-09-01

Phemex allows you to trade Bitcoin. Sign-up with our link, make your first deposit, and get a bonus of up to $2,500. (Bonus may vary based on deposit amount)

Claim up to $4100 in Bonus

100x Leverage

Analyzing the Bitcoin (BTC) Charts

On the 1-hour timeframe, the levels we are currently watching are the support at $47,400 and the resistance zone above $48,000.

Bitcoin (BTC) Price Analysis 2021-09-01

We can see that we have broken above $47,400 convincingly and are retesting it to claim it as support. Once we bounce back from this region, we could expect a move towards the $48,000-$48,200 level, where we have our next resistance.

This resistance level is above our descending channel, and we will have to break out of it to challenge this level. If we manage to break out of the descending channel in the next few hours, we will likely break our horizontal resistance as well.

BTC Price Analysis 2021-09-01

The breakout target for this channel would be the resistance zone around the $49,500 level.

On the other hand, if we do fall below our support at $47,400, we would be going back to retest the bottom of the channel.

bitcoin Price Analysis 2021-09-01

This would be our bearish scenario, and we might consider buying more Bitcoin once it drops to the $45,200 level. We would also be interested in placing a short trade on Bitcoin if it breaks below $47,400 in the next couple of hours.

Conclusion:

Bitcoin is showing some bullish momentum on the 1-hour timeframe and can expect to break out of the falling channel in the coming hours. Once we have confirmation for our breakout, we would be interested in longing BTC.

On the other hand, if we lose our support at $47,400, we would be interested in shorting BTC all the way down to $45,200.

neutral_ta

Margin Trading for Beginners

Interested in trading BTC with leverage? Go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.

Bybit: Leverage Trading

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $3,650 bonus! (Bonus may vary based on deposit amount)

Claim up to $30,030 in Bonus

100x Leverage

Recommended Bitcoin Trading Platforms:
★★★★★
★★★★★

Rating: 94%

Claim up to $30,030 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 89%

Claim up to $4100 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.075%
Maker:
-0.025%
Wire:
Credit:
Crypto:
★★★★★
★★★★★

Rating: 91%

Claim up to $7000 in Bonus

100x Leverage

Fees:
Deposit Methods:
Taker:
0.050%
Maker:
0.050%
Wire:
Credit:
Crypto: