- On the 30-minute chart of Bitcoin, candlestick closures above the blue descending trendline are important for an upward movement.
- If the BTC price can sustain candlestick closures above the blue line, it may move towards the $30,400 level.
- However, if candlestick closures above the blue line do not continue, the downward movement may persist and drop below $29,500.
Looking at the 30-minute technical chart of Bitcoin, it is observed that candlestick closures above the blue descending trendline are significant. According to this analysis, it is important to monitor Bitcoin’s movements above the blue line for it to sustain its upward momentum.
Short-Term BTC Price Analysis
3-Hour BTC/USD Price Chart
Examining the 3-hour technical chart of Bitcoin, it can be seen that it has made a move back to the $29,750 levels with buying reactions from the $29,500 level.
However, if the BTC price continues to have 2-hour candlestick closures below $29,900, it may extend the downward movement back to $29,500. If Bitcoin achieves 2-hour candlestick closures below $29,500, it could further drop to the support range of $28,900 – $28,700.
On the other hand, if the Bitcoin price encounters strong buying reactions from the support range of $28,900 – $28,700, it may initiate its upward movement from this support zone and rally back to the $31,500 levels.
Bitcoin Needs to Break Its Critical Resistance for an Upside Movement
30-Minute BTC/USD Price Chart
Examining the 30-minute technical chart of Bitcoin, it is seen that candlestick closures above the mentioned blue descending trendline are necessary. If the BTC price can sustain candlestick closures above the blue line, it may move towards the $30,400 levels.
However, the possibility of not seeing candlestick closures above the blue line alongside an upward movement in Bitcoin price signals a continuation of the downward movement. BTC may drop back below $29,500 in the coming hours.
