- Bitcoin hourly chart is showing a sideways movement, support and resistance levels are critical.
- There is selling pressure in altcoins, it may be necessary to wait for Bitcoin to break resistance.
- Support and resistance levels should be carefully monitored for trading strategies.
Bitcoin’s hourly technical chart is showing sideways movements, support and resistance levels are critical. The importance of resistance zones in altcoins due to selling pressure. Closures should be closely monitored for upward movement.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen examining Bitcoin’s daily technical chart, it is observed that it is moving sideways above the $25,800 support. As long as BTC maintains its daily closures above $25,800, it has the potential to move up to the $26,940 level.
If BTC achieves daily closures above $26,940, the next target to consider is the $28,000 level. However, if Bitcoin cannot surpass the specified resistance levels, it may initiate a downward trend again.
If Bitcoin makes daily closures below the $25,800 support, it may extend its decline to $25,200 first, and then to $24,800. Therefore, BTC price should maintain its upward trend by continuing its daily closures above $25,800.
Short-Term BTC Analysis
When examining Bitcoin’s hourly technical chart, it is seen that BTC price is moving sideways below the yellow resistance box and above the purple support line. If BTC achieves hourly closures above the yellow box, it may intend to move up to $26,600 levels.
However, if BTC makes hourly closures below the purple support at $25,800, it may extend the downward trend to $25,200. BTC investors should especially monitor these two critical levels and create their trading strategies accordingly.
It is observed that the downward movement in Bitcoin is causing intense selling pressure in altcoins. Therefore, for long positions, it may be appropriate to wait for Bitcoin to surpass the resistance zones.
