Bitcoin (BTC) price survived another downtrend on June 7 as bulls bought the dips. On June 7, the bears broke the 21-day line SMA, as Bitcoin fell to the low of $29,174. Bulls immediately bought the dips as Bitcoin rallied above the 21-day line SMA. Buyers will try to retest or break the high at $32,407.
Bitcoin (BTC) price long-term forecast: bearish
A break above the $32,407 high will send the BTC price above the 50-day line SMA. If buyers maintain the bullish momentum above the 50-day line SMA, the market will continue to rise towards the previous highs. Meanwhile, BTC/USD is trading above the 21-day line SMA, but below the 50-day line SMA. The bottom line is that Bitcoin will resume the trend when the range boundaries of the moving average lines are broken and the price momentum is maintained. At the time of writing, the largest cryptocurrency is trading at $30,385.30.
Bitcoin (BTC) indicator display
Bitcoin is at level 46 of the Relative Strength Index for period 14, indicating that Bitcoin has fallen into the bearish trend zone. The price of the cryptocurrency is above the 21-day line SMA and below the 50-day line SMA, indicating a possible movement within a trading range. Meanwhile, Bitcoin is below the 80% area of the daily stochastic. The market is in a bearish momentum.
Technical indicators:
Key resistance levels – $50,000 and $55,000
Key support levels – $40,000 and $35,000
What is the next direction for BTC/USD?
Today, Bitcoin rallied above the psychological price level of $30,000. About 48 hours ago, the bears pushed the cryptocurrency to the low of $29.174. The price range between $28,600 and $32,407 will begin if the current support holds. Moreover, the bulls have been consistently defending the current support since the price collapse on May 12.
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-sideways-movement/