- Bitcoin is moving horizontally above the support zone of $28,990 – $28,700 on the 4-hour chart. Strong closures above the level of $28,700 can support the uptrend and the target could be $32,300.
- According to the 8-hour chart, the range of $31,000 – $31,300 stands out as resistance. If the support range of $28,990 – $28,700 is maintained, the initial target will be the resistance level of $31,000.
- The daily chart shows that Bitcoin continues its horizontal movement below the resistance of $29,500. If this resistance cannot be overcome, the downward movement can continue until the support range of $28,600 – $28,200. However, strong closures above $29,500 can increase the chances of an uptrend.
According to the technical analysis of Bitcoin, the price is moving horizontally above the support range of $28,990 – $28,700. If this support level remains strong, there is a possibility for BTC to rise towards the levels of $32,300. However, maintaining stability above the resistance of $29,500 will be an important step.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen the daily technical price chart of Bitcoin is examined, it can be seen that the price continues its horizontal movements below the important resistance level of $29,500. If the BTC price cannot achieve daily closures above $29,500, the downward movement can continue until the support range of $28,600 – $28,200.
However, if the Bitcoin price initiates a strong upward movement from the support range of $28,600 – $28,200, the target will be the mentioned level of $32,000 in the analysis. If Bitcoin can achieve daily closures above the resistance of $29,500 in the coming days, it may indicate a desire to start an uptrend.
Bitcoin investors should carefully monitor the support range of $28,600 – $28,200 and watch for strong buying reactions from this zone to follow the mentioned resistance levels in the analysis. If BTC surpasses the resistance of $29,500, the next important resistance level is $31,100.
Short-Term BTC Analysis
When the 4-hour technical chart of Bitcoin is examined, it can be seen that the price continues its horizontal movements above the important support range of $28,990 – $28,700. If the BTC price achieves 4-hour closures above the level of $28,700, it may tend to rise towards the levels of $32,300.
However, there is a resistance zone of $31,000 – $31,300 for the Bitcoin price in the 8-hour time frame. If the BTC price continues to stay above the support range of $28,990 – $28,700, the initial target for the uptrend will be the resistance level of $31,000.
Additionally, if Bitcoin achieves 4-hour closures above $29,500, it can increase the chances of an uptrend.
