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Will Bitcoin Rise to $32,000? August 8 BTC Analysis

  • The price has received buying reactions from a strong support area, and if these purchases continue, the rise can continue up to $32,000 levels.
  • The target resistance levels aimed with daily closings above the $28,200 level are $31,000 and $32,200.
  • Closings above the immediate resistance level of $29,500 have the potential to direct the price towards the $31,100 level.

When we look at the daily and 4-hour technical charts of Bitcoin, we observe how important support and resistance levels shape the price movement. Strong buying reactions and approach to resistance levels help us determine the potential for possible upward movement of BTC.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When examining the daily technical chart of Bitcoin, it can be observed that the price has received strong buying reactions from the support range between $28,600 and $28,200. If the buying from this support range continues, BTC has the potential to carry its rise up to $32,000 levels.

As long as the Bitcoin price continues to close above the $28,200 level on a daily basis, it may primarily aim to reach the $31,000 level and then target the $32,200 level. However, if daily closings occur below $28,200, the downward trend may continue down to $27,700 levels.

The immediate resistance level for Bitcoin is determined as $29,500. If the BTC price achieves daily closings above $29,500, it may aim to direct its rise towards the next resistance zone at the $31,100 level.

Short-Term BTC Price Analysis

4-Hour BTC/USD Price Chart
4-Hour BTC/USD Price Chart

When examining the 4-hour technical chart of Bitcoin, it can be observed that it encountered strong buying reactions from an important support area at the $28,700 level and moved its price back to the $29,270 levels.

As long as the BTC price continues to achieve 4-hour candlestick closings above the $28,700 level, it carries the potential to continue its upward trend towards the mentioned $30,400 levels in the analysis. At this point, it is important for Bitcoin investors to closely monitor the $28,700 support.

If the Bitcoin price can surpass the $30,400 resistance with 4-hour candlestick closings, it may aim to carry its upward trend to the 8-hour resistance range between $31,000 and $31,300.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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