The Bitcoin price (BTC) has continued its upward trend and reached a high of $93,318 on November 13.
Bitcoin price long-term forecast: bullish
The largest cryptocurrency has paused below the high of $92,000 but above the support of $87,000. The recent price movement has brought Bitcoin into an overbought area of the market. Bitcoin will fall if sellers emerge in the overbought region of the market. Should the bears break the $87,000 support, the cryptocurrency will fall and find support above the 21-day SMA or the $76,000 low.
On the upside, if the current bullish momentum continues, Bitcoin will rise to the $100,000 high. In the meantime, Bitcoin is worth $89,517 at the time of writing.
Bitcoin price indicators
Bitcoin is above the 21-day SMA as the crypto price makes a series of higher highs and higher lows. Bitcoin has reached the overbought zone as it pulls back towards the 21-day SMA support. The selling pressure will start when sellers appear in the overbought region. In other words, Bitcoin will fall when the 21-day SMA support is broken.
Technical indicators:
Major Resistance Levels – $70,000 and $80,000
Major Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
On the 4-hour chart, Bitcoin is in an uptrend, but it is falling towards the moving average lines. The uptrend will resume if Bitcoin falls back above the moving average lines. Should the bears break the 21-day SMA, the downside momentum will extend to the 50-day SMA support. In the meantime, Bitcoin is close to the 21-day SMA.
On November 7, Coinidol.com reported that the bulls bought dips below the 21-day SMA support as Bitcoin rallied above the moving average lines. Should the bullish momentum continue, the market could reach a high of $93,000.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
Source: https://coinidol.com/bitcoin-undergoes-small-correction/