On December 5, as reported by Coinidol.com, the extended candlestick tail pierced the 21-day SMA, but bulls bought on dips. The positive momentum lifted the price above the $100,000 mark and reached a high of $104,000.
However, the long candlestick wick from December 5 indicates selling pressure at the higher price point. Bitcoin is trading above the 21-day SMA or support at $97,000 but below resistance at $100,000. If the bears break below the 21-day SMA support, Bitcoin will fall and look for support above the $90,000 level.
Now, the largest cryptocurrency will continue to fluctuate between $90,000 and $100,000. In the meantime, Bitcoin is maintaining its tight range above the 21-day SMA and the recent high. Bitcoin is currently worth $98,043.
BTC price indicator reading
After the price rise on December 5, BTC price has risen back above the 21-day SMA. This shows that the 21-day SMA is under considerable buying pressure. The uptrend will resume when the price bars remain above the moving average lines. On the 4-hour chart, Bitcoin is trapped between the moving average lines, indicating that the cryptocurrency is trading within a range.
Technical indicators:
Resistance Levels – $80,000 and $100,000
Support Levels – $70,000 and $50,000
Which cryptocurrency range for BTC/USD?
The 4-hour chart shows that Bitcoin is in a sideways trend. The largest cryptocurrency is currently trading between $96,000 and $102,000. Doji candlesticks are slowing down the price movement. Bitcoin is likely to remain in a trading range for a few more days.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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.