Bitcoin (BTC) has been trading sideways below the $120,000 mark since July 7.
Bitcoin price long-term prediction: ranging
Upside momentum has broken above the $120,000 mark twice but has been rejected. The Bitcoin price has fallen, but is still trading between $112,000 and $120,000.
Bitcoin price has stopped close to the $115,000 low and the 50-day SMA support. In the last 24 hours, the cryptocurrency has been stuck between the moving average lines. If the bears break below the 50-day SMA support, the selling pressure will intensify. Bitcoin will fall and test the $112,000 level, the current support.
However, Bitcoin will reach $120,000 and $123,000 if it bounces back and breaks above the 21-day SMA. Currently, the price of Bitcoin stands at $113,628.
BTC price indicators analysing
In the last 24 hours, the BTC price has retraced between the moving average lines. The largest cryptocurrency will have to move in a range between the moving average lines.
On the 4-hour chart, BTC is trading below the moving average lines, indicating a fall. Selling pressure has eased as Bitcoin has corrected higher.
Technical indicators
Key supply zones: $120,000, $125,000, $130,000
Key demand zones: $100,000, $95,000, $90,000
What’s the next move for Bitcoin?
Bitcoin price has fallen above $112,000 after being rejected at a high of $124,517. On the 4-hour chart, Bitcoin is trading in a narrow range, above the $115,000 support but below the moving average lines. Bitcoin will change once the current trading range is broken.
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.
