- Bitcoin is moving above $25,900 on the hourly chart. As long as it stays above this level, there is potential for an upward movement towards the $26,300 resistance.
- However, if the price closes below $25,900 on an hourly basis, the decline could extend to the support range of $25,700 – $25,600. Holding above $25,600 could initiate a new upward trend.
- On the daily chart, Bitcoin experienced a drop to the $25,200 levels, but it closed daily above the $25,800 support with buying reaction. The continuation of closing above this level indicates the possibility of further upward movement.
The movement above $25,900 on the hourly chart of BTC and the potential effects of closing below $25,900 were examined. Similarly, the importance of the drop to the $25,200 level and the closing above $25,800 were emphasized on the daily chart. The price movements and closings at specific levels indicate possible upward and downward trends.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen examining the daily technical chart of Bitcoin, it can be observed that the price dropped to the $25,200 levels but closed daily above the $25,800 support with buying reaction.
If Bitcoin continues to close daily above $25,800, it may aim to move towards the $26,950 levels in terms of upward trend. If BTC achieves daily closings above $26,950, the next target for upward movement could be observed at $28,000.
However, it is important to keep in mind the significance of closing above $26,940 for Bitcoin to sustain its upward movement. Therefore, in order for the BTC price to continue its upward movement towards the target, it should maintain its closings above $25,800.
Short-Term BTC Analysis
When examining the hourly technical chart of Bitcoin, it can be seen that the price is moving above the $25,900 support. As long as BTC trades above the $25,900 level, it may aim to move its short-term upward trend towards the significant resistance zone of $26,300.
However, if the Bitcoin price closes below $25,900 on an hourly basis, the downward trend could extend to the support range of $25,700 – $25,600. If BTC manages to hold above the $25,600 support, it may have the potential to initiate a new upward trend.
If the Bitcoin price starts to rise from the mentioned support range, it may be possible to observe the target level of $26,994. However, in order to achieve this target, BTC needs to close above $26,300 on an hourly basis.
