Bitcoin (BTC) price is in a downtrend, although it is making an upward correction, continuing its recovery. Price analysis from Coinidol.com.
Bitcoin Long-Term Price Forecast: Bearish
Bitcoin has risen above the $52,000 support again as buyers push the price towards the 21-day SMA barrier. If the BTC price rises above the 21-day SMA, it will reach the high of the 50-day SMA. In other words, a break above the moving average lines will indicate a continuation of the uptrend. The largest cryptocurrency will rise to its previous highs of $64,000 and $70,000.
Conversely, if Bitcoin breaks away from the moving average lines, it will trade above the $52,000 support but below the moving averages. However, a break below the $52,000 support will cause Bitcoin to fall to the previous low of $49,000. The current price of Bitcoin is $57,658.
BTC indicator readings
BTC prices are still below the moving average lines, indicating a possible decline. For example, Bitcoin is in an uptrend. There will be further selling pressure if the main cryptocurrency moves away from the moving average lines. However, it will rise until it rises above the moving average lines. The moving average lines are horizontally inclined due to the sideways movement.
Technical indicators:
Key resistance levels are $70,000 and $80,000.
Key support levels are $50,000 and $40,000.
What is the next direction for BTC/USD?
Bitcoin is in a trading range, above the $52,000 support and below the moving average lines. This move will continue unless the resistance and support levels are broken. Bitcoin is falling after reaching the $58,000 resistance. The upside is uncertain as the cryptocurrency faces rejection at its recent high.
On the other hand, the bears will try to push Bitcoin back to the current support level of $52,000.
On September 7, Coinidol.com reported that the largest cryptocurrency fell to a minimum of $52,756, after which it recovered.
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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
