Bitcoin's Chances Of A Price Revolution Increase As It Approaches A Limited Range

Apr 24, 2023 at 13:48 // Price
Coin Idol
The price range for Bitcoin is limited to $27,000 to $28,000

Bitcoin (BTC) price slide has reached bearish fatigue after hitting a low of $27,155.

Bitcoin price long-term forecast: bearish

The BTC price has been hovering around the $27,000 support since April 21. In the last four days, the price of the cryptocurrency asset has fluctuated between $27,000 and $28,000. Bitcoin is currently trading between the moving average lines at $27,467. When the moving average lines are broken, the cryptocurrency value starts to trend. The bears tried to break the 50-day line SMA on April 21 and 24, but were unsuccessful. If the 50-day line SMA is broken, the bitcoin price will drop faster. Market prices will fall to a low of $25,320. On the other hand, if the 50-day line SMA holds, the BTC price will rise or return to its sideways trend. The cryptocurrency value is currently between the moving average lines.

Bitcoin indicator display

The Relative Strength Index for period 14 shows Bitcoin at level 43. The cryptocurrency is currently in a bearish trend zone and is likely to continue falling. The cryptocurrency price is pinched by the moving average lines, which indicates that the cryptocurrency is moving within a certain range. The price is in a positive momentum above the 50 level of the daily stochastic. The oversold area of the market is the area where the cryptocurrency had previously declined.

BTCUSD(Daily Chart) - April 24.23.jpg

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?

Selling pressure has eased as Bitcoin maintains its stability above $27,000. The price range for Bitcoin is limited to $27,000 to $28,000. The probability of a price comeback or collapse increases if the current trend continues.

BTCUSD(4 Hour Chart) - April 24.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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