coinidol.com
The price of Bitcoin ($BTC) has held on to the psychological $60,000 mark despite the drop on October 10.
Long-term forecast for the $BTC price: bullish
On October 10, Bitcoin fell to a low of $58,943, but the bulls bought the dips. The largest cryptocurrency rallied above the moving average lines but was halted by the 21-day SMA resistance. If the bulls break through the 21-day SMA resistance, Bitcoin will rally to the next resistance at $65,000.
The bullish momentum will now continue to the high of $70,000. Bitcoin is trading at $62,641, above the 50-day SMA support but below the 21-day SMA resistance. The trend will depend on when the moving average lines are broken.
$BTC indicator reading
After the breakdown on October 9, Bitcoin has recovered between the moving average lines. The moving average lines have remained horizontal as Bitcoin continues to trade between $55,000 and $70,000.
In addition, the moving average lines have maintained their positive crossover, suggesting that Bitcoin price will continue to rise.
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?
On the 4-hour chart, Bitcoin is trading in a narrow range between $59,000 and $64,000. The largest cryptocurrency value was previously flattened at the $65,000 mark. The Bitcoin price is hovering just above the psychological milestone of $60,000. The upward trend is halted by resistance at $64,000.
Coinidol.com reported on October 8 that buyers have stopped the selling pressure after recovering above the $60,000 support or the 50-day SMA
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.