The price of Bitcoin (BTC) began a sideways decline below the $120,000 mark after its recent peak.
Bitcoin price long-term prediction: bullish
On July 14, as Coinidol.com wrote, Bitcoin plummeted sharply after reaching the resistance level of $123,120. A long candle wick indicated the presence of sellers in the price movement. The largest cryptocurrency is currently trading above the current support level of $116,000 but below its high of $120,000. Once the price breaks above the $120,000 mark, the uptrend will kick in and BTC will rise to $133,000.
Selling pressure will increase if Bitcoin price falls below the $116,000 low or the 21-day SMA support. BTC price is currently below its recent high.
BTC price indicators analysis
Three long candlesticks break above the $120,000 level. This indicates significant selling pressure at the $120,000 level. The 21-day SMA is higher than the 50-day SMA and is close to the price bars. On the 4-hour chart below, the moving average lines are horizontal, indicating a sideways trend for Bitcoin.
Technical indicators
Key supply zones: $110,000, $115,000, $120,000
Key demand zones: $100,000, $95,000, $90,000
What is the next move for BTC?
BTC’s upward trend has stalled at $120,000. On the 4-hour chart, the BTC is in a horizontal trend, trading above the $116,000 support but below the $120,000 barrier. The price movement has remained steady due to the presence of Doji candlesticks. Doji candlesticks indicate traders’ indecision about their next move.
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.
