Bitcoin Price Moves Sideways

Bitcoin (BTC) price has started to consolidate above the $95,000 support after falling below the moving average lines.

Bitcoin  price long term forecast: bearish

There was no price movement last week due to the doji candlesticks. Bitcoin price is currently trading below the moving average lines but above the $95,000 support. The price movement is consistent due to the Doji candlesticks. Bitcoin will rise if it bounces back above the moving average lines. Bitcoin will fall or be forced into a range-bound move if it is rejected at the recent high.

Bitcoin price indicator analysis

The price bars are below the moving average lines, indicating a possible decline in the cryptocurrency. The price action is dominated by doji candlesticks, forcing Bitcoin to fall or move within a trading range. On the 4-hour chart, the price bars have risen above the moving average lines.

Technical indicators

Important supply zones: $108,000, $109,000, $110,000

Important demand zones: $90,000, $80,000, $70,000

What is the next move for Bitcoin?

Bitcoin is in a sideways movement below the moving average lines. The cryptocurrency will consolidate above the current support in anticipation of a possible trend. The candlesticks are pointing towards the moving average lines, indicating strong selling pressure at the recent high. 

On February 3, a long candlestick tail is pointing towards the $91,000 support, indicating strong buying pressure. Bitcoin will remain in its current trading range until a likely rebound or breakout occurs.

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.