BTCUSD Dominant Trend: Ranging
Resistance Levels: $8600, $8800, $9000
Support Levels: $7100, $6900, $6700
Bitcoin Price Analysis
Bitcoin Price is currently trading at $7914. The market price is trading below the moving average with a period of 55, indicating a downward trend in cryptocurrency. For the time being, the market price fluctuates near the lower limit of the Bollinger Bands indicator and in the context of the Bitcoin exchange rate forecast; an application of $7100 is expected. This is where we should expect sellers to fight for further declines in Bitcoin price and further development of the bearish trend. The purpose of this movement is to provide a level of supply close to $6700. The best area for traders to buy Bitcoin is near the upper limit of the Bollinger Bands indicator and when the price rises to a supply level of $8040 while the RSI 14 signal line is considering the way forward.
In addition, the cancellation of the option to continue the decrease in Bitcoin price will correspond to the decomposition of the area around the upper edge of the Bollinger Bands indicator, as well as to the moving average with a period of 55 and closing of the prices of the higher pair above the supply level of $9000. This will indicate a change in the current uptrend of BTC/USD. In the case of a break in the lower edge of the Bollinger Bands, an acceleration of the cryptocurrency decrease is expected, which implies a test supply level of $8600. In addition, it is expected to continue to fall in an area below the $7000 request. The conservative zone for the Bitcoin sale is at the supply level of $8600. When canceling the increase option, the cryptocurrency is a breakdown of the demand level of $6700. In this case, more falls are expected.