- The short-term price chart of Bitcoin is exhibiting a sideways movement below the resistance level of $28,500.
- For a bullish expectation, Bitcoin needs to make a daily candlestick close above the resistance level of $28,500.
- If Bitcoin fails to break the resistance, it may extend the downward movement to the levels of $25,200.
When examining the short-term price chart of Bitcoin, a sideways movement below the resistance level of $28,500 is observed. However, it is important to surpass a certain resistance level for a bullish expectation. Otherwise, the downward trend may continue, and movement towards lower levels may be observed.
Short-Term Bitcoin Price Analysis!
4 Hour Bitcoin Price Chart Source: TradingView
When examining the 4-hour price chart of Bitcoin, it is seen that it is moving within the support zone below the level of $27,150. Currently, the BTC price is trading at levels of $26,777.
If the BTC price wants to continue the upward movement, it must make daily candlestick closes above the level of $27,150. In this case, the first target can be considered as the region of $28,200.
However, if Bitcoin cannot exceed the level of $27,150, the downward target is $26,340. If the BTC price breaks the level of $26,340 sharply, the nearest support zone to be considered is the level of $26,110.
If Bitcoin closes daily candles below the level of $26,110, it may extend the downward movement to the levels of $25,200.
Medium-Term Bitcoin Price Analysis!
12 Hour Bitcoin Price Chart Source: TradingView
When examining the short-term price chart of Bitcoin, it is observed that it has been exhibiting a sideways movement below the level of $28,500 for a long time.
In order for Bitcoin to switch to a bullish expectation, it first needs to see a daily candlestick close above the resistance level of $28,500.
If Bitcoin price can exceed this resistance level, it has the potential to continue its upward movement to the levels of $30,500.
However, if Bitcoin fails to break the resistance level of $28,500, it may extend the downward movement to the levels of $25,200 as mentioned in the analysis.
