Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price has slipped below the 50-day SMA after a rejection of the recent high.
Bitcoin Price Long Term Forecast: Bearish
Buyers attempted to maintain the price above the 21-day SMA resistance but failed on December 26. A breakthrough above this 21-day SMA would have propelled Bitcoin to its previous high of $108,364. However, bearish momentum has driven Bitcoin below the 50-day SMA, resulting in a drop to a low of $95,404. Currently, the bears dominate the market, selling on rallies as Bitcoin enters a bearish trend zone. The bulls are again trying to sustain the price above the 50-day SMA. If rejected at this level, Bitcoin may decline further, potentially falling back to previous lows above $90,000. In the meantime, the cryptocurrency remains below the 50-day SMA barrier.
Bitcoin Indicator Display
The leading cryptocurrency has fallen below its moving average lines, indicating a likely further decline. Price bars are situated below these moving average lines, and currently, the trend has paused above $94,000 as doji candlesticks appear.
Technical Indicators:
Key Resistance Levels – $90,000 and $110,000
Key Support Levels – $70,000 and $50,000
Which Cryptocurrency Range for BTC/USD?
On the 4-hour chart, Bitcoin has risen above the $94,000 support level, showing signs of consolidation above this current support but still below the moving average lines. If the support fails, Bitcoin could plummet to its low of $90,000. However, on the daily chart, Bitcoin’s uptrend may resume if buyers manage to keep the price above the 21-day SMA.
Disclaimer: This analysis and forecast represent the author’s personal opinions and do not constitute a recommendation to buy or sell cryptocurrency. Investors should conduct their own research before making any investment decisions.
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