- Bitcoin has risen to levels of 26,900 dollars in response to the rising trend support.
- It is important for the upward movement to continue that the price achieves 4-hour candlestick closures above the 27,150 dollar level.
- The possibility of Bitcoin continuing its downward trend may arise if candlestick closures are made below the 27,150 dollar level.
When examining Bitcoin’s short-term price graph, it can be seen that it has risen to levels of 26,900 dollars in response to the rising trend support. However, achieving 4-hour candlestick closures above the 27,150 dollar level is an important factor. In this article, we will evaluate Bitcoin’s current trend and potential movements.
Short-Term Bitcoin Price Analysis!
Bitcoin Price Graph Source: TradingView
When examining Bitcoin’s short-term price graph, it can be observed that it has risen to levels of 26,900 dollars in response to the important rising trend support.
At the time of writing, the Bitcoin price was trading at levels of 26,820 dollars. If it achieves 4-hour candlestick closures above the 27,150 dollar level mentioned in the analysis and maintains its position above this level, Bitcoin may have the potential to continue its upward movement to 28,200 dollars.
However, if the BTC price cannot achieve candlestick closures above the 27,150 dollar level, it may want to continue its downward trend and trend.
While many investors expect a decline for Bitcoin, some investors and analysts believe that Bitcoin may intend to make one last rise.
Did Bitcoin Turn Around from Support Level?
4 Hour Bitcoin Price Graph Source: TradingView
When examining the Bitcoin price graph, it can be observed that the 26,480 dollar level is an important support zone for Bitcoin, as we mentioned in our previous analysis.
Click here to review our previous Bitcoin Analysis.
Today, the Bitcoin price experienced a decline by retreating to the aforementioned zone, but then rose by 1.52% to reach levels of 26,900 dollars with strong buyers.
Has the Decline Ended for Bitcoin?
In order for us to say that the downward trend has ended for Bitcoin, we need to observe 4-hour candlestick closures above the 27,150 dollar level.
It is important for the Bitcoin price to hold at the 26,400 dollar level. If the price continues to hold at this level, it may want to realize its upward movement to levels of 27,150 dollars.
