- By closing 4-hour candles above the level of $28,438, BTC price can continue its upward trend.
- However, if it cannot break this resistance level, the downward movement can expand to the range of $26,855 – $26,422.
- It is important for Bitcoin to close 4-hour candles above the level of $28,438 to sustain its upward trend.
When examining the current price chart of Bitcoin, it can be observed that BTC movements above the level of $28,438 support the upward trend, and if it continues towards the designated range for a downward movement, a potential downward movement can be observed.
Short-Term Bitcoin Price Analysis
4-Hour BTC/USD Price Chart Source: TradingView
When examining the short-term price chart of Bitcoin, as we mentioned in our previous Bitcoin analysis article, we stated that if the BTC price continues to close 4-hour candles above the level of $26,110, the upward target is $28,200.
In the analysis we mentioned 3 days ago, we stated that if we see 4-hour candle closes above the level of $27,200 in the short term, BTC can reach the level of $28,200 with an increase of more than 8%.
Our readers who followed our previous BTC analysis were able to benefit from the increase of more than 8%.
When looking at the current price chart of Bitcoin, it can be observed that if the BTC price closes 4-hour candles above the level of $28,438, it can sustain the upward trend up to the level of $29,600.
However, if the BTC price cannot surpass the level of $28,438 and close 4-hour candles above it, it can expand the downward movement to the range of $26,855 – $26,422.
It is important for Bitcoin to close 4-hour candles above the level of $28,438 to prevent the downward movement.
If Bitcoin cannot break this resistance level, it may tend to continue the downward movement towards the designated support range.
