The price of Bitcoin (BTC) has continued its upward trend, reaching a high of $123,120 on July 14.
Bitcoin price long-term prediction: bullish
The largest cryptocurrency approached the overbought area of the market before being pushed back. In the overbought area, sellers emerged and drove prices down. The Bitcoin price declined and found support above $117,550. Bitcoin price has fluctuated over the last 48 hours, moving above the current support but falling short of the previous high.
On the downside, if the bears break the current support, Bitcoin will fall above the 21-day SMA or the low at $111,000. On the upside, Bitcoin is expected to rally to its high of $133,000 if it breaks the current barrier. The bullish momentum will extend to the target price of $150,000.
BTC price indicators analysis
The price bars have moved above the horizontal moving average lines and are currently trending northwards. The price bars on the 4-hour chart are located between the moving average lines, which is due to the recent decline. This explains the possible rangebound movement of the cryptocurrency.
Technical indicators
Key supply zones: $110,000, $115,000, $120,000
Key demand zones: $100,000, $95,000, $90,000
What is the next move for Bitcoin?
Bitcoin has continued to rise, peaking at $123,120. On the 4-hour chart, the Bitcoin price is fluctuating between the moving average lines. The price movement has stalled between the moving average lines. If Bitcoin breaks through the 21-day SMA, the trend will be upwards.
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-below-the-high/