Bitcoin Price Forecast: Is it Ready for an Upswing? August 11 BTC Analysis

• Bitcoin is moving close to the support zone between $29,279 and $29,144 on its 4-hour technical chart. An upward trend may begin with buying reactions from this support level.
• If the price does not close below the $28,700 support, the upward trend may continue. However, closures below $28,200 can strengthen the downward trend.
• The nearest resistance level is set at $29,500. If the price holds above this level, it may move towards higher targets.

Bitcoin’s movement close to the support zone between $29,279 and $29,144 on its 4-hour technical chart can initiate an upward trend with strong buying reactions. However, closures below the $28,700 support increase the risk of a decline.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart

Upon examining Bitcoin’s daily technical chart, it can be observed that the upward movement started with strong buying reactions from the critical support zone between $28,600 and $28,200. If the BTC price maintains above these support levels, a desire to continue the upward trend can be observed.

The nearest resistance level for Bitcoin is set at $29,500. If the BTC price continues to stay above $29,500, it may initiate its upward movement from this level and reach $31,000 first, followed by $32,300.

However, if daily closures occur below the mentioned level of $28,200, there is a possibility that the price may continue the downward trend towards $27,700. Therefore, investors should carefully monitor the specified support and resistance levels.

Short-Term BTC Analysis

Upon examining Bitcoin’s 4-hour technical chart, it is observed that it is moving close to the important support zone between $29,279 and $29,144. If the Bitcoin price experiences a decline to this support level in the coming hours, there is a possibility of initiating an upward trend with strong buying reactions.

If the Bitcoin price initiates its upward movement from the support range of $29,279 to $29,144, it may set $30,400 as its first target. Then, with $31,100 as the next target, if the price achieves 4-hour candle closures above $31,300, it may continue its upward movement towards $32,000.

As long as the Bitcoin price does not experience 4-hour candle closures below the $28,700 support, it will tend to continue the upward trend. Investors should carefully monitor the specified support and resistance levels.