Bitcoin (BTC) price continues to move sideways above the current support level at $57,000 but below the moving average lines.
Long-Term Bitcoin Price Forecast: Fluctuations
Since August 8, the upward correction has been stalled at the moving average lines or resistance zone at $63,000. Bitcoin price has been fluctuating in a small range above the current support level but below the moving average lines over the past week.
The largest cryptocurrency will resume its uptrend if buyers hold the price above the moving average lines. The bullish momentum will continue to the high of $67,000. If the support at $57,000 is broken, Bitcoin will return to its low of $49,000. At the time of writing, BTC is trading at $59,816.
Technical indicators:
Key rresistance levels are 70,000 and 80,000 US dollars
Key support levels are $50,000 and $40,000.
Bitcoin indicator readings
The moving average lines are slanted horizontally, indicating a sideways trend. Also, the moving average lines are crossing bearishly, which is a negative signal. The price bars appear below the moving average lines and are rejected by them. The price of Bitcoin will fall if the moving average lines continue to deviate from it.
What is the next direction for BTC/USD?
Bitcoin has stabilized after bulls stopped the decline above $57,000. The cryptocurrency experienced an upward correction but was rejected by the moving average lines. Bitcoin is forced to trade sideways due to the rejection of the moving average lines. Bitcoin price will fall if buyers fail to hold it above the moving average lines.
Coinidol.com reported on August 13 that BTC found itself above the $53,000 support level and below the $63,000 resistance level.
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.
