- The 3-hour technical chart of Bitcoin shows a drop of around $25,600 after approaching the yellow resistance zone.
- If the BTC price continues to stay above $25,600, it can sustain the upward trend towards the yellow resistance zone.
- If there are 4-hour closes above $26,300, Bitcoin has the potential to rise up to $26,900.
After experiencing a drop close to the $25,600 support in its 3-hour chart, Bitcoin has pulled back to the yellow resistance zone. If it can stay above $25,600, it has the potential to continue the upward movement.
MEDIUM-TERM BTC ANALYSIS
Daily BTC/USD Price ChartLooking at the daily technical chart of Bitcoin, it is following a sideways movement in the blue support zone as mentioned in previous analyses. As long as the BTC price closes daily above the mentioned blue support, which is exactly $25,600, it will have the potential to continue the upward movement towards $27,000.
In order for Bitcoin to initiate the upward trend again, it needs to achieve daily closes above $27,000 to establish sustainability. If BTC can surpass the $27,000 resistance, the next target for the upward movement will be $28,400. However, if Bitcoin fails to break the $27,000 resistance, sideways movements and downward trends may continue.
If the BTC price closes daily below $25,600, it can continue the downward trend to $25,100 and then to $24,700. Therefore, investors need to pay special attention to the closes at support and resistance levels.
SHORT-TERM BTC ANALYSIS
Looking at the 3-hour technical chart of Bitcoin, it can be seen that it experienced a drop close to the $25,600 support after rising to the yellow resistance zone. As long as the BTC price stays above $25,600, it has the potential to continue the upward movement towards the yellow resistance zone.
If the BTC price achieves 4-hour candle closes above $26,300, it can aim to continue the upward movement towards $26,900. However, if Bitcoin fails to surpass the yellow resistance zone at the $26,300 level, it can continue the downward movement to clear the long liquidities located in the $25,200 region.
