Bitcoin (BTC) price is still in an uptrend as it continues to trade above the $100,000 support or moving average lines but below the $107,500 high. Cryptocurrency price analysis brought by Coinidol.com.
Bitcoin price long-term forecast: bullish
On January 27, the bears pushed Bitcoin below the moving average lines, reaching a low of $97.799, but the bulls bought the dips. The largest cryptocurrency recovered above the moving average lines and resumed its positive trend. If buyers break through the resistance between $107,500 and $109,590, the market will rise to a high of $121,650. However, Bitcoin will continue to move between the moving average lines and below the high at $107,500, where the bullish scenario becomes invalid.
Bitcoin price indicator analysis
Bitcoin continues to trade in the bullish trend zone, with price bars above the moving average lines. On January 27, a candlestick tail crossed the moving average lines. We expect significant buying above the $97,000 support level. The price bars appear above the horizontal 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?
On the 4-hour chart, Bitcoin is trading in a narrow range between the moving average lines and below the $105,000 resistance level. The uptrend hits an initial resistance at the $105,000 high. Currently, the price of the cryptocurrency has pulled back above the moving average lines. If Bitcoin remains above the moving average lines, the uptrend will resume above $101,000. However, if Bitcoin falls below the moving average, selling pressure will increase again.
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-100000/