Bitcoin Is At An Impasse As Buyers And Sellers Are Unsure Which Way The Market Should Go

Bitcoin (BTC) price has fallen into a range-bound zone after several attempts to reach the overriding resistance level of $29,000.

Bitcoin price long-term forecast: bullish

At the time of writing, the BTC price is trading at $28,306. The cryptocurrency value has found support above the 21-day line SMA and the low of $28,000. In the meantime, bitcoin was forced to move in a range between $27,000 and $28,500.

It is currently returning above the 21-day line SMA. Bitcoin price reached a high of $28,521 yesterday, but is currently moving above the moving average lines. As long as the range bound levels are not breached, the largest cryptocurrency asset will continue to move in a range bound mode. The range bound level at $28,850 was breached in the recent price action, but the bulls were unable to maintain their bullish momentum above the upper resistance of $29,000. 

Bitcoin indicator display

The largest cryptocurrency is at the level 60 of the period 14 of the Relative Strength Index. After the retracement, the price of BTC remained in the uptrend zone. The price bars are above the moving average lines, which allow the continuation of the uptrend. In a bullish direction, Bitcoin is moving above the daily stochastic value of 70. Momentum for the bulls has decreased.

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?

Currently, the largest cryptocurrency is trading within a small range. A Doji candlestick with a small body and unpredictable behavior dominates the price movement. The current movement within the trading range is due to these candles. The candlesticks show that both buyers and sellers are uncertain in which direction the market will move.

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. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/bitcoin-impasse/