Bitcoin Moves Above $29,500 As Traders Show Apathy

Jul 26, 2023 at 23:00 // Price
Author
Coin Idol
Bitcoin continues to trade between the moving average lines

The price of Bitcoin (BTC) is squeezed between the moving average lines after the price decline on July 14. The current decline has stopped above the $29,500 support level due to the doji candlesticks.

Bitcoin (BTC) Price Long Term Forecast: Bearish

The doji candlesticks signal that buyers and sellers are undecided about the direction of the market. The price signal, on the other hand, indicates a likely breakdown and reversal above the $29,500 support. In the meantime, Bitcoin continues to trade between the moving average lines.

It is unlikely that the loss will fall below the 50-day line SMA. If the bears break below the 50-day line SMA, it would be the beginning of a new downward movement. The cost of BTC is currently declining, with a recent low of $29,803. As soon as the cryptocurrency crosses the 21-day line SMA, it will start to go up.

Bitcoin (BTC) Indicator Reading

Bitcoin has entered the bearish trend zone of the Relative Strength Index at 48 for the period 14. Doji candlesticks show that the cryptocurrency value is moving in a range. The moving average lines have caused a range in the bitcoin price. When the moving average lines are broken, the price will go back to the trend. The crypto asset has fallen below the daily stochastic threshold of 20.

Technical Indicators:

Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000

BTCUSD_(Daily Chart) – July 24.jpg

What is the next direction for BTC/USD?

Bitcoin's volatility will continue as price action is dominated by doji candlesticks. The candlesticks show the uncertainty of traders. During the decline on July 14, Bitcoin reversed to the upside and tested the 78.6% Fibonacci retracement level. The correction predicts that Bitcoin will decline but reverse at the 1,272 Fibonacci extension or $29,492.

BTCUSD_(4 Hour Chart) – July 24.jpg

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.


Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial o...
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t...
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...
Read more