Bitcoin (BTC) price is making impressive moves as it breaks above the moving average lines. Still, the bulls could not sustain the bullish momentum above the moving average lines as the resistance is at $24,276.
The largest cryptocurrency has pulled back above the 50-day line SMA. Bulls will try to resume a new uptrend if the 50-day line SMA holds.
On the upside, buyers will approach the $24,276 resistance level again. Bitcoin will rally to the psychological price level of $30,000 if bullish momentum is maintained above the $24,000 high. Conversely, the bears are also trying to break below the 50-day line SMA. A break below the 50-day line SMA will accelerate selling pressure to the psychological price level of $20,000. At the time of writing, Bitcoin is trading at $22,952.
Bitcoin indicator reading
Bitcoin is at level 56 on the Relative Strength Index for period 14, indicating that Bitcoin is in the bullish trend zone and could continue to trend higher. The price bars of BTC are above the 21-day line SMA and the 50-day line SMA, indicating further upward movement of the cryptocurrency. Bitcoin is below the 80% area of the daily stochastic. The market is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $30,000 and $35,000
Major Support Levels – $20,000 and $15,000
What is the next direction for BTC?
Bitcoin has recovered from the previous trend. It is now in an uptrend as the price breaks above the moving average lines. The cryptocurrency will resume its upward momentum if the bulls break the $24,276 resistance and the upward momentum is maintained. In the meantime, Bitcoin is moving above the 50-day line SMA, which supports a possible resumption of the uptrend.
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. Readers should do their research before investing funds.
Source: https://coinidol.com/bitcoin-22800-high/