- Bitcoin continues its horizontal movements above the level of $26,340 on the daily chart.
- For the continuation of the upward trend, it is important for BTC to achieve daily closings above the level of $27,200.
- If the level of $27,200 is not surpassed, the downward movement can extend to the level of $25,800.
When examining the daily technical chart of Bitcoin, it can be seen that it continues its horizontal movement above the level of $26,340. However, for the continuation of the upward movement, it is necessary to surpass the level of $27,200. Otherwise, the risk of a decline can increase up to the level of $25,800.
Medium-Term Bitcoin Price Analysis
When examining the daily technical chart of Bitcoin in the time frame, it can be seen that it continues its horizontal movements above the level of $26,340.
For BTC to sustain its upward trend, it is important to achieve daily closings above the level of $27,200. In this case, the next target could be the levels of $28,300.
However, if Bitcoin fails to close above the level of $27,200 on a daily basis, the downward movement can extend to the level of $25,800.
If the price of Bitcoin cannot surpass the level of $27,200, there is a possibility of experiencing a downward movement towards the $24,600 region again.
Short-Term Bitcoin Price Analysis
4 Hour BTC/USD Price Chart
When examining the 4-hour technical chart of Bitcoin, it can be seen that it initiated a sharp upward movement from the level of $24,800 and reached the resistance of $26,900, and is currently performing horizontal movements around the level of $26,400.
If the BTC price does not close above the mentioned level of $26,900 on a 4-hour basis, the downward movement can extend towards the support range of $25,583 – $25,401 – $25,220.
If the price of Bitcoin reverses from the mentioned support range of $25,583 – $25,401 – $25,220, it can sustain the upward movement towards the mentioned levels of $27,300 according to the analysis.
If the price falls into the mentioned support range, long confirmations can be sought at the level of $25,900.
However, if the BTC price fails to reverse from the mentioned range, the downward movement can extend to the levels of $24,800.
