Bitcoin Price Analysis: Bullish Long-Term Forecast
The price of Bitcoin (BTC) has been steadily declining since its breakout on October 16. Previously, Bitcoin was trapped between the moving average lines, but it broke through the 21-day simple moving average and started an upward movement. The bullish momentum pushed the price above $30,000, but it has since fallen below the $28,600 resistance level.
The long candle from October 16 indicates significant selling pressure at higher price levels, similar to previous rejections on August 29 and October 1. If the BTC price falls below the 50-day line SMA, the downtrend will resume with a potential drop to support above $26,000.
Bitcoin Indicator Display
Currently, the cryptocurrency price is above the moving average lines, indicating a bullish trend zone. As long as the price remains above these lines, there is a possibility of retesting and breaking through the $28,600 level. However, if the price falls below the moving average lines, the bullish scenario becomes invalid.
Technical Indicators
Key resistance levels for Bitcoin are at $30,000 and $35,000, while key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
Buyers are currently attempting to regain the psychological barrier of $30,000 for Bitcoin. If the price stays above the moving average line, the uptrend is likely to continue. On October 16, cryptocurrency analytics specialists noted that Bitcoin had been trapped between moving average lines since October 11 but rallied after breaking above the 21-day simple moving average line.
Hot Take: Bitcoin Price Analysis
The Bitcoin price recently broke through the 21-day simple moving average line, indicating a bullish trend. However, the price has fallen below the $28,600 resistance level, suggesting selling pressure at higher prices. If the price falls below the 50-day line SMA, the downtrend may resume. On the other hand, if Bitcoin remains above the moving average lines, there is potential for retesting and breaking through the $28,600 level. Key resistance levels are at $30,000 and $35,000, while support levels are at $20,000 and $15,000.
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