- Support Zone: $43,730 is identified as the nearest support, with a potential downward move if 1-hour candle closes fall below $43,700.
- Reversal Scenario: Strong buying reactions at $43,337 – $43,100 may prompt an upward movement, targeting $45,000 – $45,300.
- Investor Caution: Investors should await weekly candle closes above $46,000 in the medium term to mitigate vulnerability during potential downward movements. Caution advised in spot investments.
Bitcoin is currently facing resistance at $44,200 – $46,000, with potential downside risks if this range is breached. Investors are urged to exercise caution and await weekly closes above $46,000 for more stability, especially in spot investments.
MEDIUM TERM BTC PRICE ANALYSIS
When examining the medium-term technical chart of Bitcoin, it is evident that the price is continuing its movements within the crucial resistance range of $44,200 – $46,000. Today, BTC witnessed a decline of more than 0.59%, reaching as low as $43,730. As of now, Bitcoin is trading at $43,877.
In the event of substantial selling pressure causing Bitcoin to break below the $44,200 – $46,000 region, it may initiate a downward movement towards a significant support at $40,955. If Bitcoin closes daily candles below $40,950, it might extend the descent to around $37,586, signaling a more robust commitment to the upward trend.
Hence, Bitcoin investors should patiently await weekly candle closes above the critical resistance level of $46,000 in the medium term. Failing to do so could result in considerable vulnerability during a potential downward movement. Therefore, investors should exercise caution in their spot investments.
SHORT TERM BTC PRICE ANALYSIS
When analyzing the short-term technical chart of Bitcoin, it is evident that the closest support zone is at the $43,730 level. If the BTC price closes below $43,700 for 1-hour candles, it may intend to initiate a downward movement to the support range of $43,337 – $43,100.
In the event of robust buying reactions from the specified short-term support at $43,337 – $43,100, Bitcoin may commence an upward movement from this zone, targeting the range of $45,000 – $45,300. However, investors should be cautious in their long positions unless there are 4-hour candle closes above $45,500.
If BTC experiences a downward movement to the range of $42,400 – $42,130, long positions may be considered from this zone, with the stop zone set at $41,100.
