Bitcoin Continues Its Sideways Move but Challenges the $17,200 High

Bitcoin (BTC) is declining, although it is only moving in a small range between $15,588 and $17,200. The bitcoin price has been moving sideways for the past three weeks.

Three times sellers have tried to test the existing support but have met resistance. The largest cryptocurrency will resume selling pressure as soon as the existing support is broken. It will first fall to the next support level at $14,100. Bitcoin will fall even further and reach a low of $12,200. To resume the upward movement, buyers have consistently defended the current support. BTC price is rising today and has reached a high of $16,676. If the coin overcomes the resistance of $17,200 and $18,000, the cryptocurrency will rise above the $20,000 mark.

Bitcoin indicator reading

At the 32 level of the Relative Strength Index for the 14 period, Bitcoin is still in a downward trend. As long as the price bars are below the moving average lines, Bitcoin will continue to lose value. It is above the level 25 of the daily stochastic and is in positive momentum.

Technical indicators:  

Major Resistance Levels – $30,000 and $35,000

Major Support Levels – $20,000 and $15,000

What is the next direction for BTC?

Bitcoin is moving in a narrow range. The price is range bound, but it is currently trading below the high of $17,200. When the fluctuation range is broken, the cryptocurrency will develop a trend. For example, Bitcoin is expected to break through the $17,200 resistance and resume its uptrend.

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 research before investing in funds.

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