Bitcoin price continues to consolidate but bulls appear on the horizon

Bitcoin was trading at $8205 at press time with a total market cap of over $161 billion with a 1.69% rise on the 24-hour price chart.

Source: CoinStats

1-hour chart

Source: BTC/USD on TradingView

In the one-hour price, chart Bitcoin is forming immediate support at $7820.9 while the immediate resistance is at $8294.19. BTC was showing an upward trend from $7751 to $8034.

The Bollinger Band indicator used in the chart indicated decreasing price volatility from 29th August, leading to minimal fluctuations in prices.

The RSI indicator indicated that BTC was oversold on 6th Sept for some time showing a bearish trend in the short term and then the fluctuations stabilized towards the latter end of the day suggesting a buying pressure surged.

The MACD indicator suggested a bullish trend as the blue line hovered over the red line.

1-Day BTC Chart

Source: BTC/USD on Trading View

In the one-day BTC chart, the immediate support was at $7820.9 and the resistance was forming at $12038.55. The market witnessed a downward trend from $9558 to $8036.

The Parabolic SAR indicator indicated that the markers are above the candle since suggesting a bearish trend and it has continued to be above since then.

The Awesome Oscillator indicated that the trend has been fluctuating in the long run and slightly bullish in the short term.

The Chaikin Money Flow or CMF showed that the money is flowing into the market from the and while it tended to be slightly on the bearish side but it improved at press time.

Conclusion

Bitcoin’s price continued to consolidate after dropping below $10,000 as the bulls seem to be back behind the token.