Bitcoin Gains But Finds Stability Above $26,000

Cryptocurrency analysts of Coinidol.com report, the price of Bitcoin (BTC) is rising, but it is trading between the moving average lines.

Bitcoin price long term forecast: bullish

Bulls tried to break the moving average lines on September 19, but failed. The BTC price rose to a high of $27,508 before collapsing. If the current resistance level is broken, the largest cryptocurrency would rise to its previous high of $29,000. After rejecting the last high, Bitcoin has fallen back above the $26,000 support level. At the time of writing, BTC/USD is trading at $26,629. When the moving average lines are broken, the largest cryptocurrency will develop a trend. For example, Bitcoin will resume its uptrend when buyers break the barrier at $27,500 or the 50-day line SMA.

Bitcoin indicator display

Bitcoin has reached the 50 level of the Relative Strength Index for the 14 period due to the recent upswing and subsequent slump. The cryptocurrency is in an uptrend and could continue to rise. The BTC price bars are between the moving average lines, indicating that the cryptocurrency is moving in a range. The daily stochastic is currently showing a negative trend below level 25.

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?

The cryptocurrency value is now between the moving average lines. In other words, the BTC price is trading above the crucial support at $26,000. Currently, the decline has eased as the cryptocurrency fluctuated above the current support.

On September 16, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the current upward momentum was crossed twice at the $27,000 level. On September 14, the BTC price reached a high of $26,797. 

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.