Bitcoin Is In A Horizontal Trend, With A Price Above $26,000

The latest price analysis by Coinidol.com report, Bitcoin (BTC) price has returned to a sideways pattern after the price decline on August 17.

Bitcoin price long term forecast: bearish

The largest cryptocurrency is currently trading between $25,600 and $26,800. Doji candlesticks were observed last week, which resulted in the price of BTC remaining unchanged. The cryptocurrency recovered on August 23, but failed to overcome the $27,000 resistance level.

The price of BTC fell into the range of fluctuation. Buyers have repeatedly held prices above the current support level at $26,000 on the downside. Strong buying at lower price levels is indicated by the two long candle tails. However, as the market has reached the oversold zone, a further decline in the value of the cryptocurrency seems unlikely.

Bitcoin indicator display

Bitcoin remains at Relative Strength Index Level 25 for the period 14. The cryptocurrency market is oversold. Buyers are expected to emerge in the oversold area and push prices higher. BTC is currently in a downtrend below the 40 level of the daily stochastic. Momentum has stalled due to the doji candlesticks.

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 will continue to trade in a range as long as the doji candlesticks remain. Given the indecisive small-body candles, the coin is in a horizontal trend. The cryptocurrency's price is currently hovering between $25,600 and $26,800. If the range bound levels are broken, the cryptocurrency will enter the trend.

On August 22, 2023 cryptocurrency analytics specialists of Coinidol.com stated that bearish momentum has eased over the past five days as the BTC price has remained above the current $26,000 support level. At the time of writing, one Bitcoin costs $26,114. 

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.