- Bitcoin (BTC) is observed to be moving horizontally in an important support zone on its 2-hour chart.
- If BTC remains above the $29,900 support, it has the potential to continue its rise towards the $30,850 levels.
- If the $31,000 resistance level cannot be broken on a daily basis, BTC’s downward movement may extend towards the $28,600 levels.
When examining the technical analysis of Bitcoin, important support and resistance levels have been identified. While horizontal movements are observed on BTC’s 2-hour chart, staying above the $29,900 support can strengthen the expectation of an upward movement. However, if the $31,000 resistance level cannot be broken, the downward movement may become more pronounced.
Medium-Term BTC Analysis
When examining the daily technical analysis of Bitcoin, it can be seen that it experienced a decline towards the $30,100 levels as it failed to surpass the $31,000 level. It is important for the BTC price to stay above the $29,900 support.
If the BTC price fails to close above the $31,000 level on a daily basis, it may initiate a downward movement towards the $28,600 levels. For BTC to drop to the $28,600 level, it needs to close below the $29,600 support on a daily basis.
On the other hand, if the BTC price manages to close above the mentioned $31,000 resistance level on a daily basis, it can continue its upward movement towards the $32,400 levels.
According to the technical analysis of Bitcoin, the $29,900 support and $31,000 resistance are important levels. It is important to closely monitor these levels.
Short-Term BTC Analysis
2-Hour BTC/USD Price Chart
When examining the 2-hour technical chart of Bitcoin, it is observed that it is making horizontal movements in an important support zone. If the BTC price remains above the mentioned $29,900 support, it has the potential to continue its upward movement towards the $30,850 levels.
If the BTC price manages to close above the $30,850 level on a 2-hour basis, it can continue its rise towards the $31,440 levels. However, if it closes below the $29,900 support on a 2-hour basis, it may extend its downward movement towards the $29,500 levels.
An important support zone for BTC is in the range of $29,100 – $28,800. If BTC falls into this support range and manages to stay above it, it can initiate its upward movement towards the $31,000 levels.
According to the technical analysis of Bitcoin, the $29,900 support, $30,850 resistance, and $31,000 level are important points that need to be closely monitored.
