Today, Bitcoin has recovered and reached a high of $75,714. The market reacted immediately when the US election process ended with the election of Donald Trump as president.
BTC price Long-term forecast: bullish
Bitcoin (BTC) price has returned above the 21-day SMA support, rallied and rose above the $73,000 mark on November 6. In the previous price action, Bitcoin was pushed back at its recent high. The largest cryptocurrency fell below the 21-day SMA support. The bears planned to drive Bitcoin to a low above the 50-day SMA support or a low of $65,000.
However, the bulls bought dips below the 21-day SMA support as Bitcoin rallied above the moving average lines. Should the bullish momentum continue, the market could reach a high of $93,000. In the meantime, Bitcoin remains on track at the time of writing.
Read BTC Price Indicator
Bitcoin was trapped between the moving average lines for 24 hours before recovering. The price bars returned above the moving average lines, leading to a rebound.
The rising trend will continue as long as the price bars are above the moving average lines. Bitcoin will fall if the 21-day SMA support is broken.
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?
Bitcoin price has resumed its positive trend and has risen above the $73,000 resistance level. The largest cryptocurrency has surpassed its high of $75,000 and is likely to reach $93,000. The cryptocurrency has started the second round of its uptrend.
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-still-heading/