Bitcoin (BTC) price has rallied above the $38,000 support after the price rose above the moving averages.
Yesterday, the BTC price rose to the high of $42,607 as Bitcoin faced rejection at the recent high. If the bulls continue the upward movement above the moving averages, a retest of the overriding resistance at $45,000 is likely.
Moreover, if the bulls break the overriding resistance, Bitcoin will first reach the psychological $50,000 level. Nevertheless, the bears will always defend the overriding resistance of $45,000. Currently, the price of BTC is bearish, and if it breaks below the moving averages, Bitcoin will fall back to the support at $37,000. In the recent rally, the buyers were successful as the bears failed to break below the support at $37,000. BTC/USD is trading at $40,608 at the time of writing.
Bitcoin is at level 50 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The BTC price is still above the moving averages, indicating the possibility of a price increase. The largest cryptocurrency is below the 80% range of the daily stochastic. This indicates that the BTC price is likely to decline to the downside. The uptrend will continue if the price finds support above the moving averages.
Key resistance levels - $65,000 and $70,000
Key support levels - $60,000 and $55,000
BTC/USD is in an upward movement to the upside. The current upward movement is slowed down by the resistance at $45,000. The uptrend will be over if the price falls below the moving averages or the bullish trend line. The current uptrend will continue if the price stays above the moving averages.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.