Bitcoin (BTC) has held above the psychological price barrier of $100,000.
Bitcoin price long term prediction: bullish
The price action has been flat above the $100,000 support and below the $105,000 barrier. Price bars have reverted to doji candlesticks, suggesting that traders are unsure which way the market is heading.
The bottom line is that Bitcoin will rise again if it closes above the $105,000 mark. This will lead to Bitcoin reaching its previous high of $109,000. Bitcoin will resume its uptrend and reach new highs if it breaks through the $109,000 mark.
According to market analysts by Coinidol.com, Bitcoin will reach a high of $130,000.
On the downside, Bitcoin will fall if it loses the critical support of $100,000. The cryptocurrency value will break above the 21-day SMA support. Later, it will fall to a low of $90,000 or the 50-day SMA support. Bitcoin is currently worth $103,310.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
Analysis of the BTC price indicators
The moving average lines continue to trend north, indicating a continued rise. The moving average lines on the 4-hour chart are sloping horizontally as the uptrend was halted at the $105,000 level. The price bars are represented by doji candlesticks, which are causing a gradual movement in the price.
What is the next move for Bitcoin?
Bitcoin has held above the $100,000 support level but has not climbed higher. On the 4-hour chart, the BTC price remains range-bound above the $100,000 support but below the $105,000 resistance level. The price action has remained steady due to the Doji candlesticks. Bitcoin is moving sideways within its limited range.
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-remains-firm/