The price of Bitcoin (BTC) began a sideways decline below the $120,000 mark after its recent high.
Bitcoin price long-term prediction: bullish
On July 14, as reported by Coinidol.com, Bitcoin plummeted sharply after reaching the resistance level of $123,120. A long candle wick indicated the presence of sellers in the price movement. The largest crypto is currently trading above its current support level of $116,000 but below its high of $120,000.
Once the price breaks above the $120,000 mark, the uptrend will begin. The cryptocurrency will rise to a value of $133,000. Selling pressure will increase if the Bitcoin price falls below the $116,000 low or the 21-day SMA support. The BTC price is currently below its recent high and stands at $117,476.
BTC price indicators analysis
Three long candlesticks break through the $120,000 level. The candlestick wicks indicate significant selling pressure at the $120,000 level. The 21-day SMA is higher than the 50-day SMA and close to the price bars. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend for Bitcoin.
Technical indicators
Key supply zones: $110,000, $115,000, $120,000
Key demand zones: $100,000, $95,000, $90,000
What is the next move for Bitcoin?
Bitcoin’s uptrend has stalled at $120,000. On the 4-hour chart, the cryptocurrency is in a horizontal trend, trading above the $116,000 support but below the $120,000 barrier. The price action has remained steady due to the doji candlesticks. Doji candlesticks indicate the indecision of traders regarding their next moves.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
