Bitcoin Price Forecast: Is it Ready for a Rise?

  • Bitcoin experienced a drop to the levels of $29,100 today.
  • Bitcoin couldn’t break the critical resistance range of $29,800.
  • If Bitcoin closes the daily candle above the level of $30,500, where is its target?

Will Bitcoin continue to rise? Where are the important support and resistance levels of Bitcoin? Current Bitcoin analysis!

Medium-Term Bitcoin Price Analysis!

4 Hour Bitcoin Price Chart Source: TradingView

When we examine the 4-hour price chart of Bitcoin, we see that it faced selling pressure from the important resistance range of $30,100 – $29,800.

If the Bitcoin price closes the 4-hour candle above the level of $30,100, it can realize a rise to the levels of $31K.

If the Bitcoin price cannot rise above the mentioned resistance range, it can realize a drop to the levels of $26,600.

Short-Term Bitcoin Price Analysis!

1 Hour Bitcoin Price Chart Source: TradingView

When we examine the short-term price chart of Bitcoin, we see that it can realize a rise to the levels of $31K if it makes a reversal from the important support range of $28,200 – $27,800.

It is very important for Bitcoin to receive a reaction from the mentioned support range in the short time frame. 4-hour candle closures below the level of $27,800 will cancel the price movement example shown on the chart.

For Bitcoin to continue its upward movement in the medium term, it needs to continue daily candle closures above the level of $26,600.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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