- Bitcoin has risen with strong buying reactions from the $29,500 support level and reached levels of $30,400.
- In order for BTC to sustain its upward movement, it needs to continue daily candle closes above the $29,500 support and break the $30,500 resistance.
- In a possible bearish scenario, Bitcoin could decline to levels around $29,000, but it could enter an upward trend with strong buying from the $28,600 – $28,200 support range.
The importance of the $29,500 support and the criticality of the $30,500 resistance for Bitcoin’s future movement have been emphasized. Candle closes above or below these two levels will play an important role in determining Bitcoin’s future trend.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When examining Bitcoin’s daily technical chart, it can be seen that it rose to the $30,400 level after encountering buying reactions from the important support zone of $29,500. At the time of writing, the BTC price was trading at $30,244.
If the Bitcoin price continues daily candle closes above the $29,500 support, it can potentially move back to the $32,000 levels. However, BTC also needs to break the $30,500 resistance in addition to closing candles above $29,500.
If the BTC price maintains daily candle closes above $30,500, it can continue its upward movement towards the next target of $32,300. However, if Bitcoin price performs daily candle closes below the $29,500 level, it can extend the downward movement to the $28,600 – $28,200 support range.
If Bitcoin encounters strong buying reactions from the $28,600 – $28,200 support range, it can initiate its upward trend from this zone and reach levels of $34,000.
Short-Term BTC Analysis
1 Hour BTC/USD Price Chart
When examining Bitcoin’s hourly technical chart, it can be seen that it made movements near the $30,500 resistance. If candle closes above the mentioned $30,500 resistance occur, the BTC price can continue its upward movement towards $31,034.
However, if the Bitcoin price fails to close candles above the $30,500 level, it can initiate a downward movement and follow the price action indicated by the blue line. Failure to break the $30,500 resistance for Bitcoin can lead to a start of downward movements in altcoins.
The closest support for Bitcoin is at $29,500. If the BTC price closes candles below $29,500, it can extend its decline to levels around $29,000.
