Bitcoin Is Trading Modestly And Trying To Reach The High Of $27,000

Cryptocurrency price analysis brought by Coinidol.com. Bitcoin (BTC) is currently trading in the positive trend zone after breaking above the 21-day simple moving average (SMA).

Bitcoin price long-term forecast: bullish

The current upward momentum was crossed twice at the $27,000 level. On September 14, the BTC price reached a high of $26,797. Bitcoin's current high is $26,878, and it is currently starting to drop below the resistance level.

Buyers are trying to break the $27,000 barrier. If the buyers are successful, Bitcoin will rise above the moving average lines and the $28,000 resistance level. The uptrend will continue until the psychological price threshold of $30,000. If the bullish scenario is invalidated, BTC/USD will continue to trade in a narrow range between the moving average lines. In other words, the bitcoin price will be limited to the price levels of $26,000 to $27,000.

Bitcoin indicator display

Bitcoin remains in the uptrend zone, with the Relative Strength Index for period 14 at 52. In the bullish trend zone, the cryptocurrency asset has the potential to rise. It is currently between the moving average lines. If the moving average lines are broken, the cryptocurrency will develop a trend. The bitcoin price will rise above the 50 value of the daily stochastic. The obstacle near the recent high has stalled the upward momentum.

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What does the next direction look like for BTC/USD?

The largest cryptocurrency is still trading above the crucial $26,000 support level despite the recent rise. The rise could continue if the buyers overcome the hurdle at $27,000. Otherwise, there will be a sideways trend above the existing support. Bitcoin is currently trading slightly below this threshold.

On September 15, 2023 cryptocurrency analytics specialists of Coinidol.com stated that during the initial uptrend, the market reached a high of $26,461 before crashing to a low of $24,917. The bulls took advantage of the dips and continued the second rally. 

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-trading-modestly/