The price of Bitcoin (BTC) has been on the rise after rising above the moving average lines.
BTC price long-term forecast: bullish
The 50-day SMA has halted the uptrend. The largest cryptocurrency has settled between the moving average lines. Bitcoin’s uptrend starts when it breaks the 50-day or 21-day SMA.
Today, Bitcoin price is rising as it retests the 50-day SMA. Bitcoin will reach a high of $95,000 if the bulls break above the 21-day SMA.
However, if Bitcoin loses the 21-day SMA support, it would drop to a low of $80,000. At the high of $86,000, Bitcoin is currently under selling pressure. At the recent high, the bullish momentum fell between the moving average lines and was rejected twice. The cryptocurrency has been moving within a trading range for several days. The cryptocurrency is currently trading at $84,488.
Analysis of the BTC price indicator
According to the analysis by Coinidol.com, Bitcoin pricehas paused at the 50-day SMA barrier while fluctuating between the moving average lines. BTC price is below the 50-day SMA but above the 21-day SMA.
Bitcoin is rising as the price bars on the 4-hour chart are above the moving average lines. However, the uptrend has stalled at the high of $86,000.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next move for Bitcoin?
Bitcoin is above the moving average lines but below the $86,000 resistance level in a range-bound move. The Bitcoin asset has found support above the moving average lines or the $84,000 level after a setback.
Bitcoin price is bouncing above the current support in anticipation of an uptrend. However, selling pressure will set in once the $84,000 support is broken.
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-stalls-and-pulls/