- Bitcoin continued its rise from a clear support level and approached the $30,400 resistance level before experiencing a decline.
- If the price continues to move steadily above $29,500, the upward trend may continue and target the $31,000 – $31,300 resistance range.
- If Bitcoin manages to make a strong upward move above the $32,000 level, there is a possibility of expansion towards the $33,000 levels. However, a decline may occur below $29,500.
Bitcoin’s technical analysis reveals a table highlighting the prominent support and resistance levels through examining recent price movements. This analysis provides a perspective on the future by discussing critical levels and potential movements.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartBitcoin’s daily technical analysis confirms our previous evaluations. We observe that the price has initiated an upward movement by effectively utilizing the support range and has gained over 5%. Currently, it is noteworthy that the BTC price is moving above the $29,500 resistance and at the $29,785 levels.
If the Bitcoin price continues to surpass the critical $29,500 resistance with daily candlestick closures, it has the potential to prioritize its upward movement towards the $31,000 levels. The $31,000 level stands out as the nearest resistance. As long as the BTC price remains above $29,500, it may continue its upward movement towards the $32,300 target.
If the Bitcoin price achieves daily candlestick closures above the $32,000 level, it may desire to expand its upward movement towards the $33,000 levels. However, conversely, if the BTC price experiences daily closures below $29,500, it may indicate a downward movement towards the support range between $28,600 and $28,200.
Short-Term BTC Analysis
When examining Bitcoin’s 4-hour technical analysis, it can be seen that it approached the $30,400 resistance level after initiating an upward movement from a prominent support level, but experienced a decline from this level. After reaching levels of $30,244, the price retraced to $29,770 levels.
If the Bitcoin price continues to maintain 4-hour candlestick closures above the $29,500 level, it may exhibit an upward trend towards the $30,400 levels again. If it moves steadily above the $30,400 level with 4-hour candlestick closures, the next upward target can be determined as the $31,000 – $31,300 resistance range.
If the Bitcoin price achieves 4-hour candlestick closures above the $31,300 level, the next target will be the $32,000 region. However, if the BTC price fails to surpass the $31,300 level, it may attempt a downward movement towards the $29,500 support.
