Bitcoin (BTC) Mid-Term and Short-Term Analysis May 18, 2023

• Bitcoin has surpassed the resistance level of $27,400 and closed the daily candle above it.
• If Bitcoin can hold above this level, it may rise up to $28,500.
• However, if Bitcoin fails to hold above $27,400, it may experience a downward movement towards support levels such as $27,100 and $26,200.

In this article, we will discuss the potential upward movement and possible support levels that emerged with Bitcoin breaking the resistance level of $27,400. This information provides important guidance for investors and cryptocurrency followers, but does not contain investment advice.

Medium-Term Bitcoin Price Chart

12 Hour Bitcoin Price Chart Source: TradingView

When we examine the medium-term price chart of Bitcoin, we observe that the daily candle closed above the $27,400 level.

As long as Bitcoin continues to maintain daily candle closes above the $27,400 level, it may continue its upward movement towards $28,500. This situation may provide a potential increase of more than 5% in altcoins.

If Bitcoin continues to maintain 4-hour candle closes above the $27,400 level today, it may continue its upward movement during the day.

However, if Bitcoin fails to hold above $27,400 and starts to decline, the nearest support level is $27,100. If Bitcoin closes below the $27,100 level, the next target for the decline may be the $26,200 level.

Short-Term Bitcoin Price Analysis

2 Hour Bitcoin Price Chart Source: TradingView

When we examine the 2-hour price chart of Bitcoin, we observe that the downtrend structure has been broken and it has risen to the $27,430 level by receiving a reaction from the support level of $27,138.

As long as Bitcoin continues to stay above the $27,100 level, it may continue its upward movement towards $28,100.

If Bitcoin manages to close 2-hour candles above the $27,500 level, it may strengthen its upward movement towards $28,100.

The above analysis conveys the points to be considered when evaluating the 2-hour price chart of Bitcoin. This article does not contain investment advice and is only for informational purposes.