Bitcoin (BTC) Price Analysis and Long Term Forecast
Bitcoin (BTC) price has remained stable within a price range of $28,500 to $30,500 since July 14, 2023. The presence of doji candlesticks has limited the price movement, keeping it modestly higher. The cryptocurrency is currently trading above the $29,000 support level but below the 50-day line SMA.
Bitcoin (BTC) Indicator Reading
The Relative Strength Index (RSI) is unchanged at 48, indicating consolidation above the $29,000 support. The price bars are between the moving average lines, suggesting a range-bound trading. The upward momentum is unpredictable, and the price is below the daily stochastic value of 25.
Technical Indicators
- Key resistance levels – $30,000 and $35,000
- Key support levels – $20,000 and $15,000
What is the Next Direction for BTC/USD?
BTC/USD is still moving within the range. If the barrier at $30,500 and the 21-day line SMA are broken, Bitcoin may develop a trend and soar to $31,000. However, if the current support and the 21-day line SMA are breached, Bitcoin will retrace to previous lows. The range is currently held by the doji candlesticks.
Last week, it was reported that the Bitcoin price is trading stubbornly above the $29,000 support level but within the $28,500 to $30,500 range.
Hot Take
Despite the stable price range, Bitcoin’s long-term forecast remains bearish. The lack of significant price movements and the presence of doji candlesticks suggest a period of consolidation and uncertainty. Traders and investors should closely monitor the breakout levels and technical indicators for potential trend developments.
By
By
By
By
By
By