Did Bitcoin Start the Downtrend? What are the Strong Support Levels?

  • Bitcoin experienced a drop of more than 2% yesterday.
  • With the drop in Bitcoin, many altcoins also saw sharp drops.
  • If Bitcoin cannot break the resistance level of $28,600, what will be the target for the drop?

Short-Term Bitcoin Price Analysis!

4 Hour Price Chart Source: TradingView

When we examine the current price chart of Bitcoin (BTC), it is trading below the important support level of $28,200. With Bitcoin closing below the short-term support level of $28,200 for 4 hours, many altcoins experienced sharp drops.

If Bitcoin cannot close above the $28,200 level for 4 hours, the downward movement may continue.

As long as Bitcoin stays below the $28,200 level, the drop target may reach the support level of $27,100 – $26,800 as indicated in the analysis.

Medium-Term Bitcoin Price Analysis!

Daily Bitcoin Price Chart Source: TradingView

If Bitcoin closes daily candles below the $26,600 level, it will continue the downward trend, and the new drop target will be around $25,250.

If Bitcoin’s price closes daily candles below the $25,250 level, the downward trend may continue to reach $23,600.

The strong support levels for Bitcoin are indicated in the analysis. If Bitcoin closes daily candles below the indicated support levels, the new drop target for BTC will be the next support level.

If Bitcoin breaks above the support level it has broken and closes daily candles above it, it means that it wants to continue the upward trend.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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