The Bitcoin (BTC) price continues to move sideways above the current support at $57,000, but below the moving average lines.
Long-term prediction of the Bitcoin price: fluctuating
Since August 8, the upward correction has stalled at the moving average lines or the resistance zone at $63,000. The Bitcoin price has been fluctuating within a small range above the current support level but below the moving average lines for the past week.
The largest cryptocurrency will resume its uptrend if buyers keep the price above the moving average lines. The bullish momentum will continue up to the $67,000 high. Should the $57,000 support be broken, Bitcoin will return to its $49,000 low. At the time of writing, BTC is trading at $59,816.
Technical indicators:
Key resistance levels – $70,000 and $80,000
Key support levels – $50,000 and $40,000
Bitcoin indicator reading
The lines of the moving average are inclined horizontally, which indicates a sideways trend. In addition, the moving average lines cross bearishly, which is a negative signal. The price bars appear below the moving average lines and are rejected by them. The Bitcoin price will fall if the moving average lines continue to reject it.
What is the next direction for BTC/USD?
Bitcoin has stabilized after the bulls stopped the decline above $57,000. The cryptocurrency experienced an upward correction but was rejected by the moving average lines. Bitcoin is forced to trade sideways due to the rejection by the moving average lines. Bitcoin price will fall if buyers fail to keep it above the moving average lines.
Coinidol.com reported on August 13 that BTC was above the $53,000 support and below the $63,000 resistance level.
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.
