The price of Bitcoin (BTC) was declining as it is rejected at the high of $86,000. Now BTC is making another attempt.
Previously buyers failed to sustain the positive momentum above the moving averages.
Bitcoin price long-term prediction: bullish
Bitcoin price would have reached a high of $95,000 if the buyers had been successful. The bears are about to break below the 50-day SMA today.
However, Bitcoin will fall to the low of $80,000 if it breaks below the moving average lines. The downtrend will continue until it reaches the $78,000 level. If the downtrend continues today, the price of Bitcoin could fall between the moving average lines.
Bitcoin price indicator analysis
The Bitcoin price is being pushed down by a downtrend, but remains slightly above the moving average lines. The price bars have reverted to doji candlesticks. Bitcoin is falling steadily, even though the price bars on the 4-hour chart are still above the moving average lines.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin has been trading sideways since the rally that ended on April 12, as reported by Coinidol.com. Bitcoin traded below the $86,000 mark last week, but above the moving average lines.
The largest cryptocurrency is reversing course as it falls below the 21-day SMA support. Selling pressure will pick up again if the price falls below the moving average lines.
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-holds-above-84-000/