- Bitcoin has the potential to continue its upward movement above the $30,300 level.
- It is important for BTC to break the $31,000 resistance and sustain above it for the continuation of the upward trend.
- The $28,600 support and $29,600 level are important support zones for Bitcoin.
When analyzing Bitcoin’s technical chart, it can be observed that the price is moving above the $30,300 level and if it surpasses the $31,000 resistance, the upward movement could accelerate. However, support and resistance levels should be carefully monitored.
Medium-Term Bitcoin Price Analysis
When analyzing Bitcoin’s technical chart, it can be seen that the price is moving below the daily resistance zone of $31,000. Currently, the BTC price is trading around $30,580.
For BTC to sustain its upward movement in the coming days, it is important for it to make daily candlestick closes above the $31,000 level. In this case, the next target level could be considered as $32,300. However, investors are hesitant to trade without observing closes above the resistance level.
Bitcoin’s price can continue its upward movement by surpassing and maintaining stability above the mentioned $31,000 resistance. In the initial stage, the target could be $32,300, and then it could move towards $34,000 levels.
However, Bitcoin first needs to break the $31,000 resistance and sustain above it. Otherwise, it could extend the downward movement towards the mentioned $28,600 level.
Before reaching the $28,600 support, there is an important support zone at the $29,600 level. As long as BTC stays above the $29,600 level, the upward trend can continue.
Short-Term BTC Price Analysis
30 Minutes BTC/USD Price Chart
When analyzing Bitcoin’s short-term technical chart, it can be observed that the price is moving above the $30,300 support. If BTC makes half-hourly candlestick closes above the $30,300 level, it can resume the upward movement towards $31,400 levels.
If the Bitcoin price makes a strong close above the $31,400 level, the next target could be around $32,000. However, if BTC makes hourly candlestick closes below the $30,300 support, it could extend the downward movement towards $30,000 levels.
If Bitcoin closes below the $30,000 level, it is possible for the downward trend to continue towards $29,800 levels.
