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The largest cryptocurrency has been trading below the moving averages but above the $55,000 support over the past two weeks.
Bitcoin price long-term analysis: ranging
The largest cryptocurrency has been trading below the moving averages but above the $55,000 support over the past two weeks. Buyers have tried three times to keep the price above the moving average lines. Nevertheless, the BTC price rose above the moving averages on August 21 but was stopped by the 50-day SMA. In other words, Bitcoin is currently trading between the moving average lines. It will resume the uptrend once it rises above the 50-day SMA. Bitcoin price will rise to a high of $65,000. The bullish momentum will extend to the psychological high of $70,000. In contrast, Bitcoin will fall if the 21-day SMA support or $59,000 is breached. The downside momentum is expected to continue until $55,000. If the current support level is breached, the downtrend will continue to a low of $49,000.
Technical indicators:
Key Resistance Levels – $70,000 and $80,000
Key Support Levels – $50,000 and $40,000
BTC indicator reading
After the price recovery, the BTC price is contained between the moving average lines. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend. Bitcoin is moving slightly, with doji candlesticks marking the price trend.
What is the next direction for BTC/USD?
The 4-hour chart shows that Bitcoin is trading in a narrow range between $56,000 and $62,000. Doji candlesticks dominate the price action, indicating traders' indecision on the market direction. Furthermore, Bitcoin is confined between the moving average lines, which means that the cryptocurrency could move within a narrow range.
Coinidol.com analytics predicted last week that Bitcoin can experienced an upward correction but was rejected by the moving average lines.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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