The price of Bitcoin (BTC) has been trading above the $100,000 support level but below the $107,000 high and the 21-day SMA barrier.
BTC price long-term prediction: bearish
Buyers have made two unsuccessful attempts since November 2 to keep the price above the 21-day SMA, as reported by Coinidol.com previously.
However, a break above the 21-day SMA or the $107,000 high would signal the continuation of the bullish trend. Bitcoin would then recover to its previous high of $116,000 and continue its upward trend.
On the downside, bears have frequently tested the psychological price of $100,000, and if this occurs again, Bitcoin will fall to the next support level at $89,000. In the meantime, Bitcoin is hovering above the $100,000 psychological price barrier, indicating a positive trend.
Technical indicators
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Key supply zones: $120,000, $125,000, $130,000 -
Key demand zones: $100,000, $95,000, $90,000
BTC price indicator analysis
On the daily chart, the 21-day and 50-day SMAs are sloping downwards, indicating a downtrend. The 21-day SMA acts as a resistance line for the upward price movement. Bullish momentum has been reversed twice. On the 4-hour chart, the price bars have retreated below the moving average lines following the recent market bounce.
What is the next move for BTC?
Bitcoin has resumed its sideways movement. The largest cryptocurrency is trading in a range above key support. The 4-hour chart shows Bitcoin trading above the $100,000 support and below the $107,000 peak. The price has bounced and pulled back three times after retesting this important support.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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/btc-bounces-psychological-price/