Bitcoin (BTC) has maintained its uptrend and remains above the moving average lines.
Bitcoin price long term forecast: bullish
On November 9, the uptrend ended at a high of $37,974 or a resistance zone of $38,000. Bitcoin has been in a downtrend since November 9. After four setbacks, buyers have not managed to hold the price above the current high of $38,000.
As a result, the bears broke below the 21-day simple moving average, but the bulls bought the dips. Bitcoin is currently worth $37,310 after trading in a range between $35,400 and $38,000 for the past two weeks. If buyers break above the $38,000 mark, Bitcoin will resume its uptrend. This will drive the cryptocurrency to the high price level of $40,000. If the bears fall below the 21-day SMA or the $35,400 support, the current upswing will end. The Bitcoin price will initially fall to the $34,000 support level.
Bitcoin indicator reading
As Bitcoin continues its sideways trend, the price bars have pulled back above the 21-day moving average line. Bitcoin risks increase as the price bars approach the moving average lines. BTC prices are currently rising when the price bars move above the moving average lines. It will start to fall when the price bars fall below the moving average lines.
Technical indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin continues to trade in the overbought zone of the market. Over the past two weeks, the largest cryptocurrency has struggled below the $38,000 resistance level. However, as Bitcoin is trading in the uptrend zone, buyers are defending the current support level of $35,400. If the current resistance and support levels are broken, Bitcoin will go into the trend.
On November 20, 2023 cryptocurrency analytics specialists of Coinidol.com stated that Bitcoin (BTC) price is currently moving flat as buyers fail to sustain the upside momentum above the $38,000 high. The cryptocurrency is currently trading between $35,400 and $38,000.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
