Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price remains range bound, breaking below the 21-day simple moving average. This is an indication of weakness in the upside momentum.
Nevertheless, the upward movement was slowed down by the resistance at $30,400 after the price decline on July 14.
Bitcoin price is currently fluctuating in a small range between $30,000 and $30,400, and if the price falls below the existing support, selling pressure will resume. The bears broke through the 21-day line SMA on July 14, indicating a further decline to a low above the 50-day line SMA.
The price of one bitcoin is $30,109 at the time of writing. On the downside, bitcoin risks have diminished as the bears have broken below the 21-day simple moving average. The bears are now targeting the 50-day low SMA.
Today, the BTC price fell below the 21-day line SMA and reached the Relative Strength Index of 53 for the period 14. After the correction, the cryptocurrency is still trading in the uptrend zone. After the recent decline, Bitcoin is trapped between the moving average lines. The BTC price is expected to move in a range between the moving average lines. The bullish momentum has stalled above the Stochastic daily value of 50.
Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000
Bitcoin has come under selling pressure again after failing to break above the $31,500 level. As long as the bitcoin price remains limited within the moving average lines, it will continue its sideways movement. The largest cryptocurrency is currently trading below the 21-day simple moving average, but above the 50-day simple moving average. If the moving average lines are broken, the cryptocurrency will resume its trend.
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.