Bitcoin Gains But Finds Stability Above $26,000

Sep 23, 2023 at 08:00 // Price
Author
Coin Idol
The Bitcoin value is now between the moving average lines

Cryptocurrency analysts of Coinidol.com report, the price of Bitcoin (BTC) is rising, but it is trading between the moving average lines.

Bitcoin price long term forecast: bullish

Bulls tried to break the moving average lines on September 19, but failed. The BTC price rose to a high of $27,508 before collapsing. If the current resistance level is broken, the largest cryptocurrency would rise to its previous high of $29,000. After rejecting the last high, Bitcoin has fallen back above the $26,000 support level. At the time of writing, BTC/USD is trading at $26,629. When the moving average lines are broken, the largest cryptocurrency will develop a trend. For example, Bitcoin will resume its uptrend when buyers break the barrier at $27,500 or the 50-day line SMA.

Bitcoin indicator display

Bitcoin has reached the 50 level of the Relative Strength Index for the 14 period due to the recent upswing and subsequent slump. The cryptocurrency is in an uptrend and could continue to rise. The BTC price bars are between the moving average lines, indicating that the cryptocurrency is moving in a range. The daily stochastic is currently showing a negative trend below level 25.

BTCUSD_(Daily Chart) – Sept. 22.23.jpg

Technical Indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

The cryptocurrency value is now between the moving average lines. In other words, the BTC price is trading above the crucial support at $26,000. Currently, the decline has eased as the cryptocurrency fluctuated above the current support.

BTCUSD_ (4 Hour Chart) – Sept. 22.23.jpg

On September 16, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the current upward momentum was crossed twice at the $27,000 level. On September 14, the BTC price reached a high of $26,797. 

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

Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt Elon Musk Denies Talks to Raise $3 Billion to Pay Twitter Debt

Image
The Wall Street Journal reported that Elon Musk is in talks to raise $3 billion to pay off the substantial Twitter debt looming over the platform. The report states that Musk is exploring potential fundraising in an effort to begin paying back some of the $13 billion in debts that are connected to the social media platform. The report notes that Musk and his representatives have been in talks to sell up to $3 billion in Twitter shares. Adding that people close to the matter have cited discussions as far back as December. Conversely, Musk has taken to Twitter to deny the report. Source: MacRumors Musk Seeking Sale of $3 billion in Twitter Shares Since his $44 billion acquisition of the platform months ago, it has not been an easy road for Elon Musk ’s new Twitter . The controversy surrounding mass layoffs, and the highly publicized development of the subscription service have all been a constant aspect of the platform since his ownership. A massive part of his early per...
Read more

Shiba Inu Poised To Destroy A Zero: Here's When

Image
The Shiba Inu network is setting its sights on a significant milestone in the world of crypto currencies: the eradication of a decimal point. In crypto lingo, “eliminating a zero” is the term used when a coin’s price increases tenfold, effectively shifting its decimal point to the right. While this journey may be lengthy, it is by no means unattainable, and the SHIB community is abuzz with anticipation. With Shiba Inu’s (SHIB) current price standing at $0.00000793, the community is optimistic about SHIB’s prospects for destroying another zero from its price point. To accomplish this feat and breach the $0.00001 level, SHIB would need to achieve a gain of roughly 25.5%. Notably, the last time SHIB traded above the $0.000001 mark was back in August, as per Binance’s data. Source Amidst this development, the SHIB market saw a recent decrease in trading volume. While some may find this worrisome, others interpret it as a positive signal. Reduced tra...
Read more

After BRICS Success, President Xi Jinping Likely To Skip G20 Summit

Image
After the successful BRICS summit in Johannesburg, Chinese President Xi Jinping is most likely to skip attending the G20 summit in New Delhi, India. Sources familiar with the matter said that Chinese Premier Li Qiang will represent that nation at the G20 summit in September. Two Indian officials, one diplomat in China, and an official of another G20 country told Reuters on condition of anonymity that Qiang is expected to lead China’s efforts on behalf of Jinping at the summit. Also Read: Second BRICS Expansion Soon: South African PM Makes Huge Announcement Jinping is most likely skipping the G20 summit comes on the heels of the border dispute between India and China. The recent controversy over border disputes engulfed after China drew a map showcasing Arunachal Pradesh a part of Chinese territory. For the uninitiated, Arunachal Pradesh is a State in the northeast part of India and borders China. The proximity to China has caused several border disputes for decades. Whil...
Read more