- Bitcoin (BTC) is exhibiting horizontal movements at the support levels of $28,990 – $28,700 on the 3-hour chart, and holding strong above $28,700 could be the beginning of an uptrend.
- If BTC encounters strong buying pressure from the $28,990 – $28,700 support, it could target levels around $32,200; while closes above $32,000 could potentially lead to a rise towards $33,000.
- However, closes below the $28,700 level on a 3-hour basis could extend the decline to the support range of $28,234 – $27,800.
In the short-term technical chart of Bitcoin, the support level of $28,990 – $28,700 stands out as a critical level. Movements above this level could indicate an uptrend, while closes below it could support the downward trend.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen examining the daily technical chart of Bitcoin, it can be seen that the price continues to move below the important resistance zone of $29,500. Unless BTC can achieve daily candle closes above the $29,500 level, it could extend the downtrend to the support range of $28,600 – $28,200.
However, if Bitcoin encounters strong buying reactions from the support range of $28,600 – $28,200, it could initiate an upward movement starting from this support zone towards the $32,000 levels.
If BTC fails to initiate its rise with strong buying reactions from the $28,600 – $28,200 support range and closes daily candles below the $28,200 level, there is a possibility of continuing the downward movement towards the support zone at $27,400 as mentioned in the analysis. Therefore, preserving the $28,600 – $28,200 support zone is of great importance for investors.
Short-Term BTC Price Analysis
When examining the 3-hour technical price chart of Bitcoin, it can be seen that the BTC price is currently continuing its horizontal movements at the support of $28,990 – $28,700. As long as Bitcoin continues to hold above the $28,700 level, there is a possibility of initiating its rise from this support level.
If Bitcoin encounters strong buying pressure from the $28,990 – $28,700 support and starts its rise from this region, the next target could be around $32,200. If the BTC price achieves 4-hour candle closes above the $32,000 level, it could potentially continue its rise towards $33,000.
However, if the Bitcoin price closes 3-hour candles below the $28,700 level, it could extend the downward movement to the support range of $28,234 – $27,800 as mentioned in the analysis.
