Bitcoin (BTC) price continues to trend sideways, but is now between moving average lines. Price analysis from Coinidol.com.
Bitcoin Long Term Price Forecast: Fluctuation
The largest cryptocurrency has been trading below its moving averages but above the $55,000 support for the past two weeks. Buyers have tried to hold the price above the moving average lines three times.
However, the BTC price rose above the moving averages on August 21 but was stopped by the 50-day SMA. In other words, Bitcoin is currently trading between the moving average lines. It will resume the uptrend once it rises above the 50-day SMA. Bitcoin price will rise to a high of $65,000. The bullish momentum will extend to the psychological high of $70,000. On the contrary, Bitcoin will fall if the 21-day SMA or $59,000 support is broken.
The downward momentum is expected to continue to $55,000. If the current support level is broken, the downtrend will continue to the low of $49,000.
Technical indicators:
Key resistance levels are $70,000 and $80,000
Key support levels are $50,000 and $40,000.
BTC indicator readings
After the price recovery, the BTC price is held between the moving average lines. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend. Bitcoin moves slightly, and doji candles mark the price trend.
What is the next direction for BTC/USD?
The 4-hour chart shows Bitcoin trading in a tight range between $56,000 and $62,000. Doji candles dominate the price action, indicating that traders are indecisive about the direction of the market. Additionally, Bitcoin is trapped between moving average lines, meaning that the cryptocurrency may be trading in a tight range.
Coinidol.com analysts predicted last week that Bitcoin could have experienced an upward correction but was rejected by moving average lines.
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.
