Bitcoin Price Forecast: Downtrend May Continue! Latest BTC Analysis!

• Bitcoin experienced a drop of more than 3% today and fell to levels of $28,250.
• Where are the important support and resistance levels for Bitcoin?
• Which levels should Bitcoin investors follow?

Will Bitcoin continue to decline? What will happen to the future of Bitcoin? Current Bitcoin analysis!

Medium-Term Bitcoin Price Analysis!

BTC/USD Price Chart Source: TradingView

When examining the medium-term price chart of Bitcoin, it can be seen that it is trying to hold onto the important support level of $28,600.

If the Bitcoin price makes 4-hour candlestick closures below the $28,600 support, it may realize the downward movement to the range of $27,800 – $28,000.

Bitcoin price may rise again to the level of $29,900 if it receives support from the $27,800 levels and makes 4-hour candlestick closures above this region.

If Bitcoin makes 4-hour candlestick closures below the $27,800 support, its first target will be the $27,200 levels.

Has Bitcoin Started the Downtrend?

Bitcoin/Dollar Price Chart Source: TradingView

Bitcoin experienced a drop of more than 3% with the monthly candlestick opening. Since the Bitcoin price could not break the resistance level of $29,900, it may have started the downtrend.

Bitcoin price may have targets of the $27,262 level as stated in the analysis as long as it does not make 4-hour candlestick closures above the $29,900 level.

If the Bitcoin price makes hourly candlestick closures below the $27,200 level, the downtrend target may be the $26,550 levels.

There are large amounts of liquidity operations at the $26,550 levels for Bitcoin. The BTC price may want to stop the long orders at the $26,550 level with sharp drops.

Bitcoin Price Prediction: The Decline May Continue! Current BTC Analysis! The analysis was first published on CoinOtag.