Bitcoin (BTC) prices have begun a lateral decline below the $120,000 mark after recent highs.
Bitcoin Price Long-Term Prediction: Bull
As reported by Coinidol.com, on July 14, Bitcoin plunged sharply after reaching a resistance level of $123,120. A long candle core showed that there was a seller in the price movement. The largest crypto is currently trading above the current support level of $116,000, but its high is below $120,000.
When prices exceed $120,000, an uptrend will begin. Cryptocurrency rises to $133,000. Sales pressure increases when Bitcoin prices fall below $116,000 low or 21 days of SMA support. BTC prices are currently below the recent highs at $117,476.
BTC price indicator analysis
Three long candlesticks break through the $120,000 level. The candlestick wick shows significant sales pressure at the $120,000 level. The 21-day SMA is higher than the 50-day SMA and is closer to the price range. On the 4-hour chart, the moving average line is horizontal, indicating the horizontal trend of Bitcoin.
Technical indicators
Key Supply Zones: $110,000, $115,000, $120,000
key Demand Zone: $100,000, $95,000, $90,000
What will be the next move for Bitcoin?
Bitcoin uptrend is stagnating at $120,000. On the four-hour chart, cryptocurrencies tend to be horizontal, trading above $116,000 support, but below the $120,000 barrier. Price action is stable with Doji Candlesticks. Doji Candlesticks shows traders’ indecisiveness regarding the next move.
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.
