- Bitcoin is currently trading above the $26,700 level in the short-term technical chart, and as long as it stays above this level, it can continue the upward trend.
- BTC price can target upward levels like $27,700 and $28,600 as long as it doesn’t drop below the $26,700 support.
- However, if 4-hour closures occur below $26,700, the downward trend may expand to $26,300.
In the short-term chart, Bitcoin is holding above $26,700, indicating the potential for an upward movement. However, if it falls below this level, the bearish trend could strengthen. Additionally, daily closures above $27,000 may point to higher targets, but failing to break this resistance could increase the likelihood of a decline.
MEDIUM-TERM BTC ANALYSIS
When we examine the current technical chart of Bitcoin, we observe that it is trading near the $27,000 level. If the BTC price manages to achieve daily closes above the $27,000 resistance, the next targets could be $28,300 – $28,630 levels.
If it achieves daily closes above the $28,600 level, the next target might be the $29,300 level. It is important for Bitcoin to surpass the $27,000 resistance in order to sustain these upward movements.
However, if the BTC price fails to break the $27,000 resistance, the downward trend could continue, and the price could fall to around $25,800 levels. Therefore, BTC investors should closely monitor the support and resistance levels mentioned in the analysis.
Short-Term BTC Analysis
When we examine the short-term technical chart of Bitcoin, we observe that the price movements are staying above the $26,700 level. As long as BTC maintains above this level, it can continue its upward trend, aiming for $27,700 first and then $28,600.
However, if Bitcoin makes 4-hour closes below the $26,700 support, it may extend the downward trend towards the $26,300 support. Therefore, the significance of the $26,700 support is substantial for investors.
BTC price could also expand the downtrend to $25,800 if it closes below $26,250 for a 4-hour period. However, for now, we are observing that $26,700 is being maintained, which could reduce the likelihood of a decline.
