Bitcoin (BTC) price has fallen below the 21-day SMA support after three unsuccessful attempts by buyers to keep the price above the $100,000 psychological price level.
Bitcoin price long term prediction: bullish
Bitcoin may have reached highs of $115,000 and $125,000. However, the uptrend continues as the price is above the moving average lines.
Today, the Bitcoin price is returning towards the 21-day SMA. On the downside, Bitcoin’s uptrend will continue if the crypto price remains above the 21-day SMA. In other words, Bitcoin will trade above the 21-day SMA but below the previous high in anticipation of an uptrend.
However, according to Coinidol.com, if the bears break the 21-day SMA support, the uptrend could stall. Bitcoin will drop to a low of $90,000. Meanwhile, the value of the largest cryptocurrency stands at $99,517.
Bitcoin indicator reading
The 21-day SMA is now the key support level for Bitcoin. The BTC price bars are consolidating above this mark, indicating an uptrend. The bulls will buy the dip if the price falls below the 21-day SMA. The moving average lines are trending north, indicating a current uptrend. Bitcoin will continue to rise if buyers defend the 21-day SMA support.
Technical indicators:
Resistance Levels – $80,000 and $100,000
Support Levels – $70,000 and $50,000
Which cryptocurrency section for BTC/USD?
On the 4-hour chart, Bitcoin has entered a sideways trend since the end of the uptrend on December 5. Bitcoin is bouncing above the $96,000 support but falling below the $102,000 resistance.
On the downside, three long candle tails point to existing support. This indicates significant buying pressure at reduced prices.
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.
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