- Bitcoin experienced a drop of more than 8% before the 4-hour candlestick closing.
- The drop in Bitcoin came as news spread about Mt Gox and the US government making Bitcoin transfers, and as Russian President Putin called for an emergency meeting.
- Will Bitcoin continue to drop? Where are the critical support and resistance levels?
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What can investors expect from Bitcoin? What do investors think about Bitcoin?
Bitcoin Medium-Term Price Analysis!
Bitcoin Price Chart Source: TradingView
We can see that the downward movements in BTC price will continue unless Bitcoin makes daily candlestick closings above the 30,500$ level.
If Bitcoin cannot break the 30,500$ level, its target in the technical chart will be around 25,000$.
Short-Term Bitcoin Price Analysis!
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15 Minute Bitcoin Price Chart Source: TradingView
Bitcoin is trying to recover after a sharp drop in its short-term price chart. CO News shared on Twitter that reports of the US government seizing Bitcoins were incorrect, and a rise in Bitcoin was seen.
If Bitcoin realizes a rise movement to the levels of 29,000$ – 29,300$ in a short period of time, a trade can be entered by looking for short confirmation from that region. The stop level can be the resistance level of 29,625$.
If Bitcoin makes 4-hour candlestick closings above the 29,600$ level, it can realize a rise to the levels of 32,000$.
Bitcoin is trading around 28,200$ at the time of writing. If Bitcoin continues its downward movements from this region, the strongest support level is at 26,600$.
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