Bitcoin (BTC) price has been moving sideways but recovered on January 4. The largest cryptocurrency rallied and broke through the $17,000 resistance level.
Bitcoin price long-term forecast: bearish
Bitcoin reached a high of $17,008 but failed to maintain its upward trend. After the initial resistance, the BTC price continued to fluctuate below this level in the last 48 hours. If buyers can keep the price above the resistance and the uptrend continues, BTC/USD will rise to the next resistance of $18,391. However, it is possible that Bitcoin will continue to trade in a range as long as the resistance at $17,000 is not broken. In other words, Bitcoin/USD will now resume its movement between $16,260 and $17,066. At the time of writing, the BTC price is at $16,828.
Bitcoin indicator display
The recent upward correction has pushed the cryptocurrency to the Relative Strength Index level of 49 for the 14 period. The current market situation shows that supply and demand are in balance. The price of the cryptocurrency is above the moving average lines and trying to break through the resistance of $17,000. Bitcoin is in a downtrend, with the daily stochastic falling below 80. This suggests that sellers have emerged to push prices lower.
Technical indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What’s next for BTC/USD?
On January 4, the largest cryptocurrency rallied but remained in a trading range below the $17,000 resistance level. Nevertheless, the current movement could continue within the trading range as there are small candle bodies known as doji.
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 research before investing in funds.
Source: https://coinidol.com/bitcoin-17000-range/