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Bitcoin at a Critical Resistance Level!
When we examine the Bitcoin price chart, it was moving in the 4-hour resistance zone. If the Bitcoin price cannot achieve 4-hour candlestick closures above the $27,900 level today or in the coming days, we may see a drop to the $26,600 levels, starting the downward trend from this zone, as stated in the analysis.
The most important resistance level that Bitcoin (BTC) investors and altcoin investors need to follow is the $27,900 level. If it cannot achieve 4-hour candlestick closures above this price level, the possibility of a downward movement increases.
If Bitcoin achieves 4-hour candlestick closures above the mentioned resistance level, it can continue its upward trend up to $28,400.
Medium-Term BTC Price Analysis!
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When we examine the medium-term Bitcoin price chart, we see that it has been continuing its upward trend movement since March 11th.
At the time of writing, Bitcoin was moving close to its critical support level. Despite experiencing over 40% upward movement since March 11th, it could not achieve daily candlestick closures above the important critical resistance zone of $28,400.
When we examine the technical chart, if Bitcoin cannot achieve daily candlestick closures above the $28,400 level, the downward trend in the macro trend has not yet ended.
If Bitcoin achieves daily candlestick closures above the $28,400 level, it can continue its upward trend up to $30,000.
If Bitcoin cannot break the $28,400 level, it can experience a downward movement to $25,300.