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Bitcoin (BTC) price has continued its uptrend above the 21-day SMA. Cryptocurrency price analysis brought by Coinidol.com.
Bitcoin price long term forecast: bullish
The bulls have defended the 21-day SMA support and the psychological price of $100,000. The cryptocurrency value has retraced and support was found above the 21-day SMA. Bitcoin rises marginally to the projected price of $115,000. On December 18, the bears tried to break the 21-day SMA support but were stopped by it. Bitcoin is rising again and approaching the $108,000 threshold. Should the bulls break through the $108,000 resistance, Bitcoin will rise to a new high of $115,000. In the meantime, Bitcoin price is trading between the 21-day SMA, support and resistance at $108,000. Bitcoin is currently worth $101,760.
Bitcoin indicator display
On December 18, the negative trend was halted by the 21-day SMA, showing that the bulls remain in control. This suggests that Bitcoin will continue its uptrend. A break below the 21-day SMA support would signal the end of the uptrend. On the 4-hour chart, the price bars are below the moving average lines, indicating a current decline.
Technical indicators:
Key resistance levels – $90,000 and $110,000
Key support levels – $70,000 and $50,000
Which cryptocurrency section for BTC/USD?
Bitcoin has fallen below the moving average lines on the 4-hour chart. The bears broke through the $104,000 breakout level before falling above the psychological price level. The uptrend will start when the price rises above the moving average lines. The 50-day and 21-day SMAs will act as resistance for Bitcoin before the price reaches its previous high.
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.