On October 29, the price of Bitcoin (BTC) reached a high of $73,525.
Long-Term Bitcoin Price Prediction: Bullish
Bitcoin price has now fallen to a low of $68,141 and is still above its 21-day moving average. The largest cryptocurrency risks further decline if the price falls below the moving average lines. A break below the 21-day SMA support will result in Bitcoin falling to a low above the 50-day SMA or a low of $64.
Bitcoin is expected to resume its positive trend if it pulls back and remains above its moving averages. Bitcoin is currently bearish and sits just above its 21-day SMA support.
Reading the Bitcoin Indicator
Bitcoin fell above its moving average lines. The largest cryptocurrency will rise if it finds support above the moving average lines. If the cryptocurrency falls below its 21-day SMA, it risks further losses. On the 4-hour chart, Bitcoin price fell below the moving average lines.
Technical indicators:
Key resistance levels are $70,000 and $80,000.
Key support levels are $50,000 and $40,000.
What’s the next direction for BTC/USD?
Bitcoin’s 4-hour chart shows declines below the moving average lines. On the upside, BTC will test its previous low at $67,000. If the current support level is broken, downside momentum will continue to the $64,000 low.
Disclaimer. This analysis and forecast are the personal opinion of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should conduct research before investing in the funds.
