Bitcoin has closed its monthly cycle! What is its new target?
BTC/USDT
$17,366,629,629.18
$71,554.95 / $68,531.50
Change: $3,023.45 (4.41%)
-0.0023%
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Contents
- Bitcoin’s 2-hour price chart is trying to strengthen and move up from the Fibonacci support range.
- If Bitcoin’s price makes 4-hour candlestick closures above the level of $27,630, it can continue its upward trend.
- We need to see daily candlestick closures above the level of $28,450 to break Bitcoin’s downward trend.
When Bitcoin’s price chart is examined, it can be seen that it is trying to strengthen and move up from the Fibonacci support range. Closures above the levels mentioned in the analysis can increase Bitcoin’s potential to continue its upward trend. However, it is important to overcome certain resistance levels.
Medium-Term Bitcoin Price Analysis
4 Hour BTC/USD Price Chart
When Bitcoin’s 4-hour price chart is examined, it can be seen that the upward movement started from the gray area mentioned in the previous analysis.
If Bitcoin stays above the gray zone level of $26,350 mentioned in the analysis, it can continue its upward trend up to the level of $29,600.
However, Bitcoin must first make 4-hour candlestick closures above the level of $28,450 to rise to the level of $29,600.
If Bitcoin makes daily candlestick closures above the level of $28,450, it can start its upward trend towards the target of $29,600. However, if Bitcoin cannot break the resistance level of $28,450, it can expand its downward movement up to the level of $26,100.
Short-Term Bitcoin Price Analysis
2 Hour BTC/USD Price Chart
When Bitcoin’s 2-hour price chart is examined, it can be seen that it is trying to start its upward movement from the weak purchases in the previous Fibonacci support range of $27,225 – $26,930.
If Bitcoin makes 4-hour candlestick closures above the level of $27,630 mentioned in the analysis, it can aim to continue its upward trend. However, we need to see daily candlestick closures above the level of $28,450 to break Bitcoin’s downward trend.
If Bitcoin cannot break this resistance zone, it can expand its downward movement up to the level of $25,800.