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Bitcoin Bulls Target? Current Bitcoin Analysis!

  • Bitcoin experienced a 1.35% increase today.
  • Bitcoin is currently trading at 28,150$.
  • Where do investors who buy bitcoin as it drops aim for?

Short-Term Bitcoin Price Analysis!

4 Hour BTC/USDT Price Chart Source: TradingView

4 Hour BTC/USDT Price Chart Source: TradingView

When we examine the short-term price chart of Bitcoin, it is moving close to an important resistance area. If the Bitcoin price cannot break the resistance at 28,300$, it may experience another drop.

Bitcoin investors are making strong purchases below the 27,600$ level. Bitcoin has not yet closed a 4-hour candle below the 27,600$ support.

If Bitcoin closes 4-hour candles below the 27,600$ level, its new drop target will be 26,600$.

Which Level Should Bitcoin Break to Start Rising?

Daily BTC/USD Price Chart Source: TradingView

Daily BTC/USD Price Chart Source: TradingView

When we examine Bitcoin on a daily timeframe, it continues its horizontal movement between 26,600$ and 28,600$ since March 18th.

Bitcoin has been moving in this range for about 16 days. This situation is evaluated as a rising opportunity for altcoins. Since Bitcoin’s sudden sharp movements crush altcoins, investors are waiting for Dominance (See: What is Dominance in the Crypto Market?) to decrease and for altcoins to rise.

When we look at the current analysis of Bitcoin, if it closes daily candles above the 28,600$ level, it will continue its rising trend and we may see a rise to the level of 30,200$.

If the Bitcoin price cannot close daily candles above the 28,600$ level, it will start the drop trend from this level and may experience drops to the levels mentioned in the analysis.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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