- BTC faces resistance near $42,440 on the 8-hour chart.
- Closing candles below $40,400 may indicate a bearish trend.
- A bullish scenario targets $44,200, with confirmation above $44,500 for $46,000.
Bitcoin’s 8-hour technical chart suggests potential bearish movement towards the $40,720 – $40,410 support range if it fails to close above $42,440. A bearish wick to $39,600 is possible.
Medıum Term BTC Analysis
We examined Bitcoin’s 8-hour technical chart. BTC price is moving near the $42,440 resistance. If the BTC price cannot close 8-hour candles above the blue lines in the analysis, it will want to carry out the bearish movement to the critical support range of $40,720 – $40,410.
BTC could make a bearish wick up to $39,600 with selling pressure. However, if BTC continues to close 8-hour candles above the $40,400 support, the probability of a bullish will be discussed again. If BTC moves as indicated in the chart above, it will want to carry out the bullish movement up to the $44,200 resistance.
Investors should look at the market in the long direction when there is a decrease to the $40,720 – $40,410 support range specified in the analysis and carefully evaluate the stop rates in their position in case of a possible decline of $39,600. If the Bitcoin price rises to $44,200 by starting a bullish movement from the support in the analysis, if it closes 8-hour candles above $44,500, the bullish target will be $46,000.
