Cryptocurrency analysts of Coinidol.com report, the price of Bitcoin (BTC) has risen above the 50-day SMA support after repeated tests.
Bitcoin price long-term forecast: bearish
The bears were aiming to push Bitcoin below the 50-day SMA support or the low of $92,000. On December 24, the largest cryptocurrency rallied and tested the 21-day SMA resistance. However, Bitcoin has retreated as the bears have put up stiff resistance. If the buyers can overcome the 21-day SMA resistance, Bitcoin will resume its uptrend. The cryptocurrency value will rise and regain its previous high of $108,364. However, Bitcoin will continue to range near the 50-day SMA support and below the 21-day SMA resistance until the trend is established. At the time of writing, Bitcoin’s value stands at $98,321.
Bitcoin indicator display
Both charts show that the price of the cryptocurrency is trapped between the moving average lines. On December 24, the bullish momentum was halted by the 21-day SMA as Bitcoin resumed its range-bound movement. The moving average lines are still pointing upwards, indicating a continued rise. The upswing will stop if the price falls below the 50-day SMA support.
Technical indicators:
Key Resistance Levels – $90,000 and $110,000
Key Support Levels – $70,000 and $50,000
Which cryptocurrency section for BTC/USD?
On the 4-hour chart, Bitcoin is correcting upwards while remaining in a horizontal trend. The price range of the cryptocurrency was $92,000 to $100,000. The bullish momentum was halted by the 50-day SMA. Bitcoin is currently trading below the 50-day SMA (or the high of $100,000) in anticipation of a positive trend.
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.
