Bitcoin Remains In Trading Range And Faces Rejection At $30,500

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) is currently trading in a bearish trend zone.

Bitcoin price long term forecast: bearish

Nonetheless, the cryptocurrency asset has been stubbornly trading above the support level of $29,000, but is in a range between $28,500 and $30,500. Bitcoin has been in its current price range since July 14. Bitcoin price fluctuates in the middle of the price range due to the presence of doji candlesticks.

The price moves slowly due to the doji candlesticks. The candlesticks represent the uncertainty of buyers and sellers about the direction of the market. On August 8, the BTC price moved up and crossed the moving average lines, but was slowed down by the $30,500 resistance area. The cryptocurrency has retreated above the current support level of $29,000. The current value per bitcoin is $29,436. This means that Bitcoin will remain in a range for a few more days.

Bitcoin indicator display

The BTC price is rejected at its recent high as it approaches the Relative Strength Index of 48. The price bars have moved below and above the moving average lines. The current decline has exceeded the Stochastic level of 20 on a daily basis. The market has reached the oversold area. Buyers are attracted to the oversold area of the market. 

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?

Doji candlesticks are present, which makes the next move of the largest cryptocurrency uncertain. Bitcoin has fallen below the moving average lines. As a result, the cryptocurrency value will be forced to move in a range between the moving average lines.

On August 08, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the price movement was slowed down by the presence of Doji candlesticks. The price barrier of $28,900 keeps the BTC price steady, and the moving average lines prevent further increases.  

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-remains-trading-range/