The Bitcoin (BTC) price reached a high of $73,525 on October 29.
Bitcoin price long-term forecast: bullish
Now, the Bitcoin price has fallen to a low of $68,141 and is still above the 21-day moving average. The largest cryptocurrency is at risk of a further decline if the price slips below the moving average lines. A break below the 21-day SMA support will result in Bitcoin falling to a low above the 50-day SMA or a low of $64.
Bitcoin is expected to resume its positive trend if it retraces and stays above the moving averages. Bitcoin is currently bearish and is just above the 21-day SMA support.
Bitcoin indicator reading
Bitcoin has fallen above its moving average lines. The largest cryptocurrency will rally if it finds support above the moving average lines. If the cryptocurrency falls below the 21-day SMA, it risks further losses. On the 4-hour chart, the Bitcoin price has fallen below the moving average lines.
Technical indicators:
Key Resistance Levels – $70,000 and $80,000
Key Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
The 4-hour chart of Bitcoin shows a decline below the moving average lines. On the downside, BTC will test its previous low at $67,000. If the current support level is broken, the downward momentum will continue to the low of $64,000.
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-crashes-recover/