The price of Bitcoin (BTC) has made another positive move, rising above the moving average lines.
Bitcoin had already crashed and found support above the psychological price threshold of $60,000, now it is reaching above $65,000.
Long-term forecast for the BTC price: bullish
On October 12, the price of the cryptocurrency broke through the 21-day SMA resistance, but then pulled back to test it, as reported by Coinidol.com.
Today, the uptrend started above the 21-day SMA support and reached a high of $64,615. Should the bulls break above the $65,000 resistance, Bitcoin will rise to a high of $70,000.
If it falls below its recent high, it will enter a trading range again. Since August 23, buyers have tried to break above the $65,000 high but have failed.
BTC indicator reading
Bitcoin has recovered above the moving average lines. The price could rise above the 21-day SMA support. Bitcoin’s uptrend has ended and the price is moving above the 21-day moving average line. The moving average lines have shown a bullish crossover, which means that the cryptocurrency value will rise.
Technical indicators:
Resistance Levels – $70,000 and $80,000
Support Levels – $50,000 and $40,000
What is the next direction for BTC/USD?
On the 4-hour chart, Bitcoin has risen and retested the $64,000 resistance level. Now, buyers are trying to keep the price above the $65,000 mark.
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.
