- Bitcoin is trading below the $29,900 resistance and if it cannot close above this level, the downward movement may continue.
- If the BTC price encounters strong buying pressure at the $28,800 level, it may rise towards the $32,000 levels.
- The important support range of $28,234 – $27,827 may limit the downward movement of Bitcoin and initiate an upward trend with strong buying response.
As the Bitcoin price continues to trade below the $29,900 resistance, critical levels are becoming apparent for investors. The $28,800 level is an important observation point that can determine the direction of strong movements. This analysis focuses on Bitcoin’s performance in specific price ranges and potential movements.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen examining the daily technical price chart of Bitcoin, it can be seen that it continues to trade below the critical support range of $29,900. Unless the BTC price can achieve daily candle closes above $29,900, this level will be considered as resistance.
If the Bitcoin price continues to achieve daily candle closes below $29,900, it may extend the downward movement to the $28,600 – $28,200 support range. At this point, Bitcoin encountering strong buying pressure from the $28,600 – $28,200 support range will be of great importance for the market trend.
However, if the BTC price shows a strong reaction with buying pressure from the $28,600 – $28,200 level, it may continue its rise from this range towards $32,000 levels. But if it achieves daily candle closes below $28,200, it may continue the downward movement towards the $27,400 level.
Short-Term Bitcoin Analysis
When examining the 3-hour technical chart of Bitcoin, it can be observed that the price continues to move below the $29,900 resistance. In this case, as long as the BTC price remains below $29,900, it may continue the downward movement towards the $28,800 levels.
However, if the Bitcoin price encounters strong buying pressure at the $28,800 level, it may continue its rise from this range towards $32,000 levels. On the other hand, if BTC faces significant selling pressure from the $28,800 level, it may extend the downward movement to the important support range of $28,234 – $27,827.
If the Bitcoin price experiences a decline towards the $28,234 – $27,827 range and encounters a strong buying response from this range, it may aim to continue its rise towards $34,000 levels.
It is important to closely monitor all these levels as they can play a critical role in determining the future trend of BTC.
