Since February 28, the Bitcoin price (BTC) has been trading in the zone of uptrend as the bulls have overcome the resistance zones between $39,000 and $40,330. The BTC price reached the high of $45,470 but was pushed back from the recent high. The bears are offering strong resistance at the recent high.
Today, Bitcoin is in a slight retracement as the cryptocurrency finds support above $43,000. If the price rises above the current support, Bitcoin will rally above the aforementioned resistance. The bullish momentum will extend to the psychological price level of $50,000. On the other hand, if the price of BTC falls below the $43,000 support and breaks below the moving averages, Bitcoin will regain the previous low of $36,000. The largest cryptocurrency is trading at $43,415 at the time of writing.
Bitcoin indicator reading
Bitcoin is at level 57 of the Relative Strength Index for period 14. The cryptocurrency is in an uptrend after the recent price increase. Bitcoin will continue to rise as long as the price bars are above the moving averages. BTC/USD is below the 50% area of the stochastic on the daily chart. The market is in a bearish momentum as a result of the rejection of the $45,000 overhead resistance. However, Bitcoin has found support above $43,000 as the cryptocurrency resumes a new uptrend.
Technical indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $60,000 and $55,000
What is the next direction for BTC?
BTC/USD has reached the high at $45,000, but the uptrend has stalled. The price of BTC has declined and found support above $43,000. This means that buyers will likely push Bitcoin to retest upper resistance at $45,000. Alternatively, a price rise above the current support would signal the resumption of upward momentum.
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 own research before investing funds.
Source: https://coinidol.com/bitcoin-hovers-43000/