- Bitcoin is trading near the $29,000-$28,700 resistance range.
- If Bitcoin fails to close above this resistance range, it could enter a downtrend.
- If Bitcoin closes above the $28,600 resistance on a daily basis, it could continue its uptrend.
Bitcoin is currently trading near a key resistance range. If Bitcoin fails to close above this resistance range, it could enter a downtrend. However, if Bitcoin closes above the resistance range on a daily basis, it could continue its uptrend.
Medium-Term BTC Analysis
When we examine the current technical chart of Bitcoin, we observe that it saw strong buying responses from the critical support zone mentioned in the analysis on October 9, which is in the range of $26,700 to $26,285. This buying momentum led the price to rise to the critical resistance levels of $28,300 and $29,300, providing our readers with gains of over 10%.
If the BTC price manages to sustain daily closures above the $28,600 level, it can continue its upward trajectory. However, if it closes below the $28,600 resistance, it could initiate a downward trend, first targeting $28,300 and then possibly $27,000.
Therefore, BTC investors should closely monitor the $28,600 resistance and exercise caution in the face of daily closures below this level. If the BTC price continues to achieve daily closures above the $28,600 level, the next target would be $29,333.
Short-Term BTC Analysis
When examining Bitcoin’s 4-hour technical chart, we observe that the price is trading close to the 29,000$ – 28,700$ resistance range. If BTC price fails to achieve 4-hour closures above this resistance range as mentioned in this analysis, it may initiate a downward movement from these levels first towards 27,540 dollars, and then potentially towards 26,250$.
Hence, short-term investors should closely monitor the 29,000$ – 28,700$ resistance range and consider potential short positions if this resistance level cannot be overcome. However, if BTC closes above the 29,000$ level, it might continue its uptrend, aiming for levels around 29,500 dollars.
