- The price of Bitcoin can continue its upward movement by making daily candlestick closures above the level of $30,260.
- It is important for BTC to stay above the $29,700 – $29,500 range, otherwise a downward movement can be targeted.
- If the price of Bitcoin closes below $29,500, the target for the downward movement can be $28,800.
The price of Bitcoin continues its upward movement by maintaining a strong stance above the support zone mentioned in the analysis. However, maintaining sustainability above certain levels and preserving important support points becomes important.
Medium-Term BTC Price Analysis
When the daily Bitcoin technical chart is examined, it can be seen that the price has been making horizontal movements between the important resistance range of $30,500 and $31,000.
If the price of Bitcoin makes daily candlestick closures above the mentioned resistance level of $31,000, it can continue its upward movement to the levels of $32,400.
However, if the BTC price continues its downward trend below the $31,000 level, it may experience a retracement towards the $29,600 level first and then towards the $28,500 levels. Before this happens, BTC needs to break the $29,600 support.
While the horizontal movement of the Bitcoin price in the resistance zone is considered as a bullish signal by some investors, some analysts predict that BTC will start rising again after completing the $28,500 correction.
Short-Term BTC Analysis
1 Hour BTC/USD Price Chart
As long as the price of Bitcoin continues to make daily candlestick closures above the support zone mentioned in the analysis, it can realize the upward movement towards the $31,400 levels.
However, if BTC continues its downward trend below the $30,260 support, it can continue the downward movement towards the $29,700 support. It is crucial for BTC to stay above the $29,700 – $29,500 range.
If the price of Bitcoin closes below $29,500, the target for the downward movement mentioned in the analysis will be the $28,800 support level. Caution should be exercised in Long/Short trades and it is important to monitor BTC when taking positions.
