The price of Bitcoin (BTC) has resumed its positive trend after a brief setback above the support level of $66,000.
According to price indications, the largest cryptocurrency could fall further to $65,000 before resuming its positive rise, as reported by Coinidol.com.
Long-term forecast for the Bitcoin price: bullish
In the July 21 price rally, Bitcoin was in a minor retracement, with a retraced candlestick body testing the 78.6% Fibonacci retracement line. The correction predicts that Bitcoin will rise but then reverse at the 1,272 Fibonacci extension or $72,461.50. The cryptocurrency value will face stiff resistance at the $72,000 mark.
However, if Bitcoin continues its decline below the 50-day SMA, it will drop to a low above the 21-day SMA or $61,821. Bitcoin is currently worth $66,411.
Bitcoin indicator value
Since July 15, Bitcoin has maintained an uptrend above the moving average lines. The cryptocurrency value will continue to rise as long as the price bars are above the moving average lines. If the price bars fall below the moving average lines, the selling pressure on Bitcoin will increase again. On the 4-hour chart, the price bars are between the moving average lines.
Technical indicators:
Key Resistance Levels – $70,000 and $80,000
Key Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin is resuming its uptrend after falling back above the $65,547 level. Buyers are planning to retarget the previous high of $70,000.
However, based on the price signal, the market will reach its previous high of $72,461. On the 4-hour chart, Bitcoin is trapped between the moving average lines. If the price breaks above the 21-day moving average line, the uptrend will begin.
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 viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
