Bitcoin Is On The Rise And Has A Price Target Of $32,000 In Sight

The Bitcoin (BTC) price has declined after failing to break above the $31,035 level.

Bitcoin price long-term forecast: bullish

At the time of writing, the value of the largest cryptocurrency has fallen to a low of $29,960. On a shorter time scale, the BTC price fell between the moving average lines. This suggests that a pause in the BTC price between the moving average lines is likely. The cryptocurrency price will fluctuate between $29,900 and $30,500. If the fluctuation range is broken, the cryptocurrency will develop a trend. However, if the bitcoin price falls below the support level of $29,900, it will drop. The downward momentum will continue to the $28,000 level. If the price rises above the $30,500 high, BTC/USD will resume its uptrend. If this is the case, the upward momentum will continue to the high of $32,000.

Bitcoin indicator display

As the bitcoin price is at the 64 level of the Relative Strength Index for the 14 period, the current uptrend remains intact. The bullish trend zone will cause the price of cryptocurrencies to rise. The fact that the price bars are still above the moving average lines indicates that the cryptocurrency price will continue to rise. The bearish momentum has weakened below the stochastic value of 50 on the daily basis.

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 is in an uptrend as it pulls back above the $29,900 support. The largest cryptocurrency will start a positive trend when the price moves back above the current support. BTC is targeting a high of $32,000. The oversold sector of the market is approaching the current breakdown.

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.