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Bitcoin Price Prediction: Rise Movement Could Reach Critical Level!

  • When examining the hourly technical chart of Bitcoin, price movements below $26,000 are observed.
  • If hourly closes below the $26,000 level continue, the decline could extend towards the $25,600 level.
  • If the BTC price manages to achieve hourly closes above $26,000, it holds the potential to carry the upward trend to the $26,300 level.

The hourly technical chart of Bitcoin shows movement below $26,000. If hourly closes below the $26,000 level continue, there’s a possibility of expanding the decline to levels around $25,600.

Mid-Term BTC Analysis

BTCUSDT_2023-08-21_13-18-36

Daily BTC/USD Price Chart

Examining the daily technical chart of Bitcoin, the price is seen moving above the $25,800 support. Despite green closes in daily candles over the past two days, a 0.79% drop was experienced today. As long as Bitcoin remains above the $25,800 level, it carries the potential to sustain the upward trend towards levels around $27,500.

However, if the BTC price achieves daily closes below $25,800, it might first carry the decline to around $25,200 levels. If closures occur below $25,200, the drop could extend to levels around $24,700.

On the other hand, if Bitcoin achieves daily closes above the $24,700 support, it holds the possibility to restart its upward movement. If Bitcoin encounters strong buying reactions within the critical support range of $25,200 – $24,700, its target could be set at the $27,600 level.

Short-Term BTC Analysis

BTCUSDT.P_2023-08-21_13-26-38

1 Hourly BTC/USD Price Chart

When examining the hourly technical chart of Bitcoin, it’s observed that the price is moving below $26,000. If the BTC price continues to achieve hourly closes below the $26,000 level, the decline might extend to levels around $25,600.

However, if the Bitcoin price manages to achieve hourly closes above $26,000, it holds the potential to carry its upward movement to the $26,300 level. If BTC achieves a close above $26,300, it could set its next target at the $27,000 level. If the price achieves hourly closes above the $27,000 level, it could consider extending its upward movement towards levels around $27,700.

Hourly candle closes above or below the specified support and resistance levels play a critical role in determining the direction of price movement.

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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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