The price of Bitcoin (BTC) has fallen well above the $90,000 support or the 21-day SMA. The largest cryptocurrency is on its way to pull back above the 21-day SMA.
Bitcoin price long-term forecast: bullish
The current uptrend could end if the bears fall below the 21-day moving average line. Bitcoin is rising as it recovers above the $90,000 mark. Buyers will try to push Bitcoin above the psychological price barrier of $100,000. This will allow it to rise to a high of $115,000.
On the other hand, if Bitcoin falls from its high of $100,000, it will be forced to trade sideways above the moving average lines. Bitcoin is gaining as it has found support above the moving average lines. It will rise as long as the price bars remain above the moving average lines. In the 4-hour chart, however, the price bars are lower than the moving average lines. The cryptocurrency is rising and is about to cross the moving average lines. Doji candlesticks dominate the price movement.
Currently on the rise and is approaching a high of $95,400 at the time of writing.
Bitcoin indicator reading
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 is bearish and falling below the moving average lines. Bitcoin is recovering from its recent decline. Bitcoin’s uptrend will continue once the price rises above the moving averages. It will reach the previous high of $100,000. Selling pressure will resume when Bitcoin falls below the moving average lines.
Coinidol.com reported on November 22, the Bitcoin price reached a high of $99,800 before falling back.
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.
