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Cryptocurrency analysts of Coinidol.com report, Bitcoin broke above the initial barrier and reached a high of $66,620.
Bitcoin price long term forecast: bullish
On July 15, Bitcoin (BTC) broke through the 50-day moving average line, surpassing the first barrier. Bitcoin rose to a high of $67,503 before coming under selling pressure on July 17. The largest cryptocurrency fell but remained above the 50-day SMA as bulls bought the decline. The bulls have paved the way for Bitcoin's upward movement as the initial barrier was breached. It is predicted that the cryptocurrency will reach a psychological high of $70,000.
However, the price indicator points to potential resistance and a reversal after reaching the $70,000 mark. BTC/USD is currently trading at $66,618.
Bitcoin indicator read
The bulls have the upper hand as the barrier at the 50-day SMA was breached and retested. The cryptocurrency has retested the 50-day SMA support, suggesting that Bitcoin will continue its uptrend. On the 4-hour chart, the moving average lines are showing a bullish crossover, indicating that the cryptocurrency is moving higher.
Technical indicators:
Key resistance levels – $70,000 and $80,000
Key support levels – $50,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin rebounded above the moving average lines after hitting the initial $66,129 barrier. On the 4-hour chart, the bears broke below the 21-day SMA before recovering above it. BTC prices will continue to rise as long as they remain above the moving average lines. Meanwhile, the cryptocurrency is trading below its high of $67,500.
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.