Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price falls below the psychological price level of $30,000 as bears break below the 21-day support SMA.
Resistance at $31,500 has slowed the uptrend. The bearish momentum is likely to continue until the price falls above the 50-day line SMA. In other words, the decline will continue until support at $29,000 is reached.
However, at the time of writing, the BTC price is at $29,893. Moreover, the largest cryptocurrency is likely to be trapped in a tight range between the moving average lines and forced to move. When the moving average lines are broken, Bitcoin will develop a trend. In addition, the price change is likely to be modest due to the presence of indecisive candles with small bodies known as Doji. If the 50-day line SMA is violated, the decline will resume. If the 21-day line SMA is breached, Bitcoin will resume its uptrend.
The cryptocurrency asset may resume its fluctuation range if the price of BTC falls between the moving average lines. Bitcoin is at level 49 of the Relative Strength Index for the period 14. As supply and demand balance, the Bitcoin price has reached its equilibrium. The bearish momentum has stalled below the daily Stochastic level of 40.
Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000
Bitcoin is in a downtrend as it has reached the downtrend zone. Due to the recent decline, the BTC price is likely to fluctuate between $29,000 and $30,000. In other words, the cryptocurrency is trading between the moving average lines. The largest cryptocurrency will develop a trend when the range boundaries are broken.
On Jul 19, 2023, Coinidol.com reported that: Nevertheless, the upward movement was slowed down by the resistance at $30,400 after the price decline on July 14.
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.