Bitcoin Consolidates Above $90,000 As Traders Become Indecisive

Bitcoin (BTC) price has stalled in its uptrend after being trapped at the high of $92,000. Cryptocurrency price analysis brought by Coinidol.com.

Bitcoin price long term forecast: bullish

Since November 13, prices have remained within a limited range. The largest cryptocurrency is trading above the $85,000 support but below the $92,000 barrier. The doji candlestick configuration represents the hesitation between bulls and bears. On the upside, Bitcoin will enter the second round of the uptrend if buyers break above the resistance at $93,318. The second wave will push Bitcoin to record highs of $100,000 and $115,000. In the meantime, Bitcoin is trading in a limited range.

Bitcoin indicator display

The BTC price is currently above the moving average lines as the uptrend continues. On November 13, a long candlestick wick indicates the recent high. Doji candlesticks are slowing the price movement. The 21-day SMA supports the cryptocurrency. The rise will come to a halt as soon as the support line is broken.

Technical indicators:

Key resistance levels – $80,000 and $100,000

Key support levels – $70,000 and $50,000

What is the next direction for BTC/USD?

The 4-hour chart of Bitcoin shows a sideways movement above the moving averages but below the barrier at $92,500. The bears broke the 21-day SMA twice, but the bulls bought the dips. The uptrend will continue as long as the buyers maintain the 21-day SMA support. Doji candlesticks have caused a marginal price movement.

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. Readers should do their research before investing in funds.