- Bitcoin
is in a short-term downtrend. - If BTC continues to close daily above the support range between $25,200 and $25,600 on its daily technical chart, it can sustain its upward trend.
- For Bitcoin to continue its upward trend, it needs to close daily above the $27,000 level and maintain it as support.
Bitcoin has been showing an upward movement in recent days. However, it is in a short-term downtrend. If Bitcoin continues to close daily above the support range between $25,200 and $25,600 on its daily technical chart, it can sustain its upward trend.
MEDIUM-TERM BTC ANALYSIS
Daily BTC/USD Price ChartWhen we examine Bitcoin’s daily technical chart, we see that it has reached the $26,400 region with an increase of more than 1% today. The BTC price is trading around $26,124 at the time of writing this article.
If the Bitcoin price continues to close daily above the support range between $25,200 and $25,600 as mentioned in the analysis, it can aim to sustain its upward trend towards the $27,000 level and then the $28,400 levels.
For Bitcoin to continue its upward trend, it needs to close daily above the $27,000 level and maintain it as support. Unless BTC closes daily above $27,000, it may not have the desire to continue the upward trend.
SHORT-TERM BTC ANALYSIS
When we examine Bitcoin’s short-term technical chart, we see that the last 3-hour candle has experienced a decrease of 0.46%. At the same time, it appears that the BTC price has not been able to close candles above the mentioned $26,300 resistance in the analysis.
Unless the BTC price closes candles above $26,300 for 3 hours, it may continue the downward movement towards the support range between $25,200 and $25,400 as mentioned in the analysis. If the BTC price encounters strong buying reactions from the $25,200 – $25,400 support range, it can continue the upward movement starting from this support zone, first towards the $26,600 level and then towards the $27,500 levels.
For the BTC price to drop to the $25,200 – $25,400 support range, it needs to close candles below the $25,600 support. If BTC continues to close candles above the $25,600 support, it may lean towards sustaining the upward movement. However, it is important to remember that BTC needs to surpass the $26,300 resistance.
