Bitcoin (BTC) prices fell below the moving average line as they were unable to maintain prices above 21 days of SMA support.
Bitcoin Price Long-Term Prediction: Bull
The Bulls have broken through 21 days of SMA support with previous pricing measures, but were pushed low at the same time.
According to Coinidol.com, the largest cryptocurrency fell below the June 20th moving average, reaching a low of $102,490. Over the past 48 hours, Bitcoin prices have been traded above the $102,000 support level.
Bitcoin is gradually approaching the 50-day SMA barrier. As cryptocurrency falls from the 50-day SMA and breaks current support at $102,000, it continues to fall to the psychological price level of $100,000.
However, if the Bears defeat the $100,000 support, the negative momentum will last to the $94,800 floor. Bitcoin is currently valued at $103,660.
BTC price indicator analysis
Since June 20th, Bitcoin prices have fallen below the reduced moving average line. Lateral trend means that the upward moving average line is horizontal. The moving average line on the 4-hour chart is horizontal, but the price moves up and down.
Technical indicators
Key Supply Zones: $108,000, $109,000, $110,000
Key Demand Zones: $90,000, $80,000, $70,000
What will be the next move for Bitcoin?
Bitcoin has fallen into the downtrend zone of daily charts. In other words, Bitcoin is even more vulnerable to lower value, as its price bar is below the moving average.
On the four-hour chart, Bitcoin is trading above $102,000 support, but below $110,000 resistance. Doji Candlesticks are currently in sight, and price movements have not changed.
Disclaimer. This analysis and prediction is the author’s personal opinion. They do not recommend buying and selling cryptocurrencies and should not be considered as approval by coinidol.com. Readers should do research before investing in funds.
