The price of Bitcoin (BTC) has remained between $80,000 and $87,500.
The Bitcoin price rose above the moving average lines on April 2 and then abruptly fell below them. The bullish momentum on the daily chart was halted at the 50-day SMA resistance of $88,561.
Today, the BTC price fell to a low of $82,673 but has held above the key support.
On the weekly chart, Bitcoin is between the moving average lines. The BTC price is above the critical support level of $80,000 and the 21-day simple moving average. However, if the bears break the $80,000 support, Bitcoin will drop to the 21-day SMA or the $76,500 low.
On the other hand, if the buyers push the price above the 21-day SMA, Bitcoin will rise to $100,000. Currently, the value of Bitcoin stands at $81,869.
On the weekly chart, the Bitcoin price is trapped between the moving average lines. This means that Bitcoin will be forced to move in a range between the moving average lines. The moving average lines are sloping north, indicating a past rise.
On the daily chart, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
According to Coinidol.com, Bitcoin has confined itself to the moving average lines. The largest cryptocurrency will continue to move within its current restriction for a few more days.
Bitcoin will perform after the 21-day and 50-day SMA boundaries are broken. Bitcoin is currently trading just above the critical support level of $80,000.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
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