Bitcoin Remains Firm At $29,000, But Trades Only Marginally

Bitcoin (BTC) price has remained stable amid a price range. Coinidol.com Bitcoin price analysis.

Bitcoin (BTC) Price Long Term Forecast: Bearish

Since July 14, the cryptocurrency price has been limited to a range of $28,500 to $30,500. As of August 14, 2023, neither the bulls nor the bears have broken out of this range. With the presence of doji candlesticks, bitcoin is trading modestly higher. The candlesticks are limiting the price movement.

On August 8, the Bitcoin price rallied and surpassed the moving average lines. At the same time, the bitcoin price was rejected at its recent high after falling between the moving average lines. The price of the cryptocurrency is above the 21-day line SMA, but below the 50-day line SMA. In other words, Bitcoin is currently trading above the $29,000 support level. 

Meanwhile, the doji candlesticks have kept the Bitcoin price above the $29,000 support level.

Bitcoin (BTC) Indicator Reading

The Relative Strength Index has remained unchanged at 48 for the 14th period as Bitcoin consolidates above the $29,000 support. The price bars are currently between the moving average lines, indicating that the cryptocurrency is trading in a range. The upward momentum of the cryptocurrency is unpredictable. The price is below the daily stochastic value of 25.

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?

BTC/USD is still moving in a range. If the barrier at $30,500 and the 21-day line SMA are broken, bitcoin will develop a trend. This will send the price of Bitcoin soaring to $31,000. On the other hand, Bitcoin will retrace to previous lows if the current support and the 21-day line SMA are breached. The current range is holding due to the doji candlesticks.

Last week, Coinidol.com reported that the Bitcoin price is stubbornly trading above the $29,000 support level, but in a range between $28,500 and $30,500.

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.

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• Source: https://coinidol.com/bitcoin-trades-only-marginally/