Bitcoin (BTC) prices are in an upward correction and are moving sideways at the same time. Coinidol.com price analysis.
Long-Term Bitcoin Price Prediction: Fluctuations
Bitcoin’s upward momentum stalled at a high of $60,730 with a pullback below the 50-day SMA. The largest cryptocurrency is trading above the support of the 21-day SMA, but below the resistance of the 50-day SMA. Cryptocurrency price is sandwiched between moving average lines where bulls and bears cannot make a breakout or breakout.
Bitcoin price is currently rising, approaching the 50-day SMA resistance level. Bitcoin will rise to $65,000 if the 50-day SMA resistance is broken. It will fall if the bears break below the 21-day SMA support. The value of the cryptocurrency will fall to a low of $55,000 or $52,000. Meanwhile, the value of Bitcoin is $59,315.
Reading the BTC indicator
Bitcoin price movement was limited between the moving average lines. The largest cryptocurrency will resume its trend once it breaks below or above the moving average lines. Bulls retested the 50-day SMA twice to keep the price above the moving average line. Bitcoin price will rise when it breaks the moving average lines. The opposite is true when prices fall below moving average lines.
Technical indicators:
Resistance levels are $70,000 and $80,000.
Support levels are $50,000 and $40,000.
What’s the next direction for BTC/USD?
Bitcoin’s price action was limited by moving average lines. The 50-day SMA or resistance at $60,500 has stalled the uptrend. BTC price will fall within its range every time the resistance level is retested. It is currently unclear which direction Bitcoin will take. Meanwhile, the largest altcoin is forced to trade in a tight range above the $58,000 support.
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.
