Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price is rising above the initial resistance level of $27,000.
Bitcoin price long-term forecast: bearish
The largest cryptocurrency has broken out of the $26,000 to $27,000 price range. If the bulls manage to keep the price above the $27,000 support and maintain the positive momentum, the market will rise above the moving average lines.
The bullish momentum will continue until the price reaches $29,000 or $30,000. If the bulls fail to maintain their bullish momentum, the bears will take control and push the price below the $27,000 support. Bitcoin’s price will then remain in a range between $26,000 and $27,000. At the time of writing, Bitcoin’s price is at $27,109.
Bitcoin indicator display
Despite the price recovery, Bitcoin is at Relative Strength Index level 45 for period 14. The cryptocurrency remains in a gloomy trend. The price bars are below the moving average lines, but approaching the 21-day line SMA. Bitcoin has regained its positive momentum above the daily stochastic level of 75. The cryptocurrency is also approaching the overbought zone of the market.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin has yet to recover from the bearish trend zone as it is still trading below the moving average lines. The cryptocurrency has left the range bounded zone and is trying to break out above the moving average lines. The BTC price will return to a positive trend if it breaks above the moving average lines.
On August 25, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the largest cryptocurrency is currently trading between $25,600 and $26,800. Doji candlesticks were observed last week, which resulted in the price of BTC remaining unchanged.
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.