Will Bitcoin continue its downward movement? July 24 BTC Analysis

• The price of Bitcoin (BTC) has risen to $29,300 after touching the support range of $28,990 – $28,700.
• If the BTC price remains above the support range of $28,990 – $28,700, it can continue its upward trend towards $32,300.
• The decisive levels for the BTC price in the coming days will be the resistance at $29,500 and the support range of $28,700.

According to the current technical chart of Bitcoin, it can be observed that the price is exhibiting a fluctuating movement between important support and resistance levels. The future direction of BTC will depend on the closing prices at the resistance of $29,500 and the support range of $28,700.

Medium-Term BTC Analysis

When examining the daily technical chart of Bitcoin, it can be observed that the price continues to move below the level of $29,500. Currently, the BTC price is trading at $29,262.

If the Bitcoin price makes daily candlestick closures above the mentioned level of $29,500 as indicated in the analysis, it can initiate its upward movement again towards the target of $32,000. However, if the BTC price makes daily candlestick closures below the level of $29,500, it can extend the downward movement to the mentioned support range of $28,600 – $28,200.

If the Bitcoin price encounters strong buying demand from the support range of $28,600 – $28,200, it can aim to start its upward movement from this support zone and reach the levels of $32,300. BTC investors should closely monitor the daily candlestick closures above the level of $29,500 and consider the downward movement in Bitcoin to the support range of $28,600 – $28,200 in case of the opposite scenario.

Short-Term BTC Analysis

When examining the 3-hour technical chart of Bitcoin, it can be seen that as mentioned in our short-term analysis published on our website, it reached the upward movement to the levels of $30,200 and then retraced to the support range of $28,990 – $28,800 due to the failure of candlestick closures. Our readers who took into account the analysis on our website achieved a gain of 4.50%.

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When examining the current technical chart of Bitcoin, it can be observed that the BTC price touched the support range of $28,990 – $28,700 and then rose to the levels of $29,300.

If Bitcoin remains above the support range of $28,990 – $28,700, it can continue its upward movement from this zone and reach the levels of $32,300. However, in the coming days, the BTC price should make 4-hour candlestick closures above the level of $29,500 and then daily candlestick closures.

If the BTC price fails to make daily candlestick closures above the level of $29,500 in the coming days, the possibility of a downward movement in Bitcoin will increase. If the BTC price makes 3-hour candlestick closures below the level of $28,700, it can continue the downward movement to the support range of $28,204 – $27,830.