The price of Bitcoin (BTC) has continued to rise despite the rejection of its recent peak. Price analysis by Coinidol.com.
Bitcoin price long-term forecast: bullish
The cryptocurrency value rose to a high of $73,666 but was rejected. Buyers were unable to sustain their bullish momentum above the $74,000 mark. Today, the cryptocurrency has fallen to a low of $67,472.
On the downside, BTC price could retrace and find support above the 21-day SMA. The uptrend will resume above the moving average line. Bitcoin will surpass the high of $80,000 if it breaks above the $74,000 resistance.
On the flip side, Bitcoin is expected to fall further above the 50-day SMA or the low of $53,000 if the price falls below the 21-day SMA. At the time of writing, the value of Bitcoin stands at $68,290.
Bitcoin indicator reading
Bitcoin price retraces and rises above the 21-day SMA. This increases the likelihood of a further uptrend in the cryptocurrency. The 4-hour chart shows that the BTC price is below the moving average lines, indicating a recent decline. The decline has slowed above the $66,000 mark.
Technical indicators:
Key resistance levels – $60,000 and $70,000
Key support levels – $50,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin is nosediving after its rejection of the $74,000 resistance level. The price of the cryptocurrency fluctuated below the resistance zone for 48 hours before falling. Bitcoin has regained support above the $66,000 level and is resuming its uptrend. The largest cryptocurrency will resume its uptrend if it breaks above the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/bitcoin-recovers-and-fluctuates-above/
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