Bitcoin Continues Its Horizontal Trend And Holds Above $34,000

Bitcoin price long-term forecast: bullish

Bitcoin's current upswing was halted when it climbed to a high of $35,199 and then fell back. The largest cryptocurrency was forced to trade sideways between $34,000 and $36,000. On November 2, BTC reached a new high of $35,975 before falling back into the range bound zone.

On a positive note, Bitcoin's next move will be to reclaim the psychological price level of $40,000. If buyers overcome the barrier at $35,975, the cryptocurrency value will rise to the next level. On the other hand, Bitcoin is likely to fall if the bears break the $34,000 support level. The cryptocurrency value will fall to a low of $31,000 if it loses its current support.

Bitcoin indicator reading

The largest cryptocurrency has continued its horizontal trend as it is trapped in a range. The horizontal trend has caused the moving average lines to remain flat. This means that Bitcoin will continue to move in a narrow trading range. Doji candlesticks are in place, causing the price of the cryptocurrency to stagnate at the moment.

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?

Bitcoin has held above the $34,000 support level for the past two weeks. The bulls have made one attempt to break above the $36,000 level. However, the presence of doji candlesticks suggests that they will continue to consolidate above the current support.

Last week Coinidol.com reported that Bitcoin (BTC) has been trading above the $33,400 support level since October 27.

On October 24, BTC reached a high of $35,198 before being pushed back by a long candle. 

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.com. Readers should do their research before investing in funds.