Bitcoin Holds Above Crucial Support and Struggles With Resistance at $39,400
Bitcoin (BTC) price has retraced to the previous low above the $37,000 support level.
Bitcoin (BTC) Price Long-Term Forecast: Bearish
On April 26, the largest cryptocurrency fell to a low of $37,727 as bulls bought the dips. In the last 48 hours, the BTC price has risen to a high of $39,496. Today, the uptrend is encountering initial resistance at the recent high. In the meantime, the Bitcoin price is fluctuating between $38,475 and $49,476. If the bulls break the initial resistance, Bitcoin will rise to the high of $42,000. Nevertheless, the bullish momentum will extend to the previous highs of $45,000 or $48,000.
On the downside, buyers will likely defend support at $37,000 as the market reaches oversold territory. In the last price action on February 24, the BTC price fell to a low of $34,425, but the bulls bought the dips. After the buying at the lower level, the largest cryptocurrency asset rallied above the $38,000 support, and later the uptrend extended to the $45,000 high. Today, Bitcoin will rally above the psychological price level of $40,000 if the bulls overcome the initial resistance.
Bitcoin (BTC) Indicator Display. Bitcoin is at level 43 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone and below the midline 50. Buyers are trying to push Bitcoin to the previous highs. The cryptocurrency price is below the moving averages, which are responsible for the current price decline. Bitcoin is above the 25% range of the daily stochastic. It is in a bullish momentum.
Technical Indicators:
Key resistance levels – $65,000 and $70,000
Key support levels – $60,000 and $55,000
What is the next direction for BTC/USD?
The cryptocurrency is in a downtrend as the price breaks below the moving averages and reaches the previous low at $37,727. Meanwhile, on April 11, the downtrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BTC will fall to the 1.272 Fibonacci extension level or the $37,223.30 price level.
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 own research before investing funds.
Source: Read Full Article
