- Bitcoin continues its upward movement that has been going on for the past week and reached levels of $30,800 with a sharp increase yesterday.
- The nearest resistance zone is between $30,500 – $31,000, and if this resistance is overcome, Bitcoin has the potential to continue its rise towards $32,100.
- However, if the resistance zone cannot be broken, there may be a downward movement towards the important support zone of $28,600.
When the daily price chart of Bitcoin is examined, the upward movement that has been going on for the past week stands out. However, if BTC cannot surpass the resistance zone of $30,500 – $31,000, it may face a risk of decline, and the level of $28,600 stands out as an important support.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When the daily price chart of Bitcoin is examined, the upward movement that has been going on for the past week stands out. With the sharp increase yesterday, the BTC price rose to levels of $30,800, but encountered resistance at this point.
The nearest resistance zone for Bitcoin is $30,500 – $31,000. If the BTC price achieves daily candle closes above the mentioned resistance zone in the analysis, it can continue its rise towards $32,100.
However, if the resistance zone mentioned in the analysis cannot be surpassed, the most important support zone is $28,600.
Before Bitcoin falls to the level of $28,600, the nearest resistance zone is at $29,650. As long as the BTC price stays above $29,650, it can again realize the upward movement towards the range of $30,500 – $31,000. However, if BTC closes candles below the level of $29,650, the target for the decline can be the 12-hour support zone of $28,300 – $28,600.
Short-Term BTC Analysis
30-Minute BTC/USD Price Chart
When the short-term price chart of Bitcoin is examined, the BTC price, which encountered strong buyers at the level of $29,800, is trying to hold above the level of $30,000.
If BTC makes a 30-minute candle close below the mentioned $29,800 level in the analysis, it may realize the downward movement towards the range of $29,158 – $28,800. If Bitcoin achieves hourly candle closes above the mentioned red line in the analysis, it can continue its upward movement towards $31,000.
However, BTC needs to surpass the red resistance level with a high-volume candle. If the Bitcoin price cannot break the resistance line, it may realize the downward movement towards the range of $29,158 – $28,800.
