Bitcoin Will Start to Decline If It Cannot Break This Level! July 21 BTC Analysis

  • 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 Chart
Daily BTC/USD Price Chart

When 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

3-Hour BTC/USD Price Chart
3-Hour BTC/USD Price Chart

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.

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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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