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The Bitcoin (BTC) price has broken above the overhead barrier and has risen to a high of $118,790.
Bitcoin price long-term prediction: bullish
The bullish momentum has stalled below the high of $118,000 but remains below the $116,000 support. On the downside, BTC price has previously declined and found support above the crucial level before rebounding. Bitcoin is expected to rise further above the high of $118,000.
If the initial barrier is broken, the most expensive cryptocurrency will rise to a high of $121,488. BTC is currently trading below $118,000 in anticipation of a further rise. At the time of writing, Bitcoin has fallen to a low of $117,530.
BTC price indicators analysis
After the recent breakout, the price bars have moved well above the moving average lines. The 21-day SMA has risen steadily and remains above the 50-day SMA support. Bitcoin's rise will continue as long as the price bars remain above the moving average lines.
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 BTC?
Bitcoin's sideways trend has been broken and the bulls broke through the overhead resistance at $110,000.
The upside momentum has stalled as the price has retraced below the $118,000 peak while remaining above the $116,000 support. Doji candlesticks are forming, indicating that traders are unsure of what to do next.
Coinidol.com reported on July 6 that BTC price held above the support level of $108,000.
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.