The Bitcoin (BTC) price has regained strength and has risen above the 21-day SMA.
Long-term forecast for the Bitcoin price: bullish
On March 13, the largest cryptocurrency rose to a high of $73,666 but was halted. The upswing was halted when Bitcoin slipped between the moving average lines. The cryptocurrency fell to a low of $60,870 as bulls bought the dips. Strong buying at lower price levels has pushed Bitcoin price above the 21-day SMA. Bitcoin has returned to the bullish trend zone and is currently valued at $70,319.
The current uptrend is expected to continue to the previous high of $73,666. However, if the bulls break through the resistance around $73,666, Bitcoin will resume its uptrend towards the psychological price of $80,000.
Bitcoin indicator reading
Bitcoin is regaining upward momentum after rising above the 21-day SMA twice. Bitcoin will continue its uptrend as long as the price of the cryptocurrency holds above the moving average lines. Furthermore, the price movement has been delayed due to the development of doji candlesticks.
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?
The largest cryptocurrency is moving towards its previous high of $73,666. The BTC price is capable of surpassing the previous high. The cryptocurrency will gain value if it overcomes the current resistance level and moves towards the next resistance level. However, if Bitcoin fails to break through the current resistance levels, it will enter a sideways trend. The cryptocurrency will trade above the moving average line but below the resistance level of $73,000.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
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- Source: https://coinidol.com/bitcoin-continues-to-rise/
