Bitcoin (BTC) has bounced back above the moving average lines after falling to a low of $112,240.
Later, the crypto price recorded a series of higher highs and higher lows and finally broke above the 21-day SMA.
Bitcoin price long-term prediction: bullish
Bitcoin price rose to a high of $122,370 before falling back below the $120,000 mark. Bitcoin has started its price movement below the $120,000 mark. If the largest cryptocurrency breaks above the $120,000 mark, it will return to its high of $123,120.
However, Bitcoin is under heavy selling pressure at its all-time high of $122,000. If Bitcoin loses the 21-day SMA support, it will fall to a low of $114,000.
BTC price indicators analysis
Bitcoin fell sharply from the $122,000 level on July 14 and August 11, as reported by Coinidol.com, leaving long candlestick wicks in its wake. The long candlestick wicks indicate significant selling pressure at the recent high. The price bars are above the horizontal moving average lines.
Technical indicators
Key supply zones: $110,000, $115,000, $120,000
Key demand zones: $100,000, $95,000, $90,000
What is the next move for BTC?
Bitcoin is trading sideways below the $120,000 mark. The 4-hour chart shows that the BTC price is trading in a narrow range between the 21-day SMA support and the resistance at $120,000.
Currently, Bitcoin is bearish and the bears are putting pressure on the 21-day SMA support. Bitcoin’s uptrend will continue if the 21-day SMA support holds. If the 21-day SMA support is broken, the Bitcoin price will fall.
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.
