- According to the short-term technical chart of Bitcoin, the $29,900 level is an important support zone and movements above it maintain the potential for an upward trend.
- If the BTC price can sustain 2-hour candle closes above the $29,900 level, it can achieve an upward movement towards the $31,400 levels.
- However, if 2-hour candle closes occur below the $29,900 level, the downward movement can expand towards the $29,500 and $29,100 support levels.
When examining the short-term technical chart of Bitcoin, it emphasizes the importance of movements above the $29,900 level. If the price can remain above this level, the upward trend may continue, but if it falls below, the downward pressure may increase.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When looking at the daily technical chart of Bitcoin, it can be seen that it has not yet achieved a daily candle close to surpass the $31,000 resistance level. Many investors expect Bitcoin to make an upward movement towards $33,000 by breaking and closing above the $31,000 resistance level on a daily basis.
However, when examining the technical chart of Bitcoin, it is predicted that if BTC can make daily candle closes above the $31,000 level, an upward movement towards the $33,000 levels may occur. Otherwise, it is estimated that BTC may experience a downward movement towards the $29,600 support.
If the BTC price can make daily candle closes below the $29,600 support, it is believed that the downward movement may continue towards the $28,500 levels. Many Bitcoin investors expect the price to experience a decrease in the range of $28,100 – $28,400 and then initiate an upward movement from these levels.
If the Bitcoin price closes daily candles below the $28,000 level, it is possible for the downward movement to continue towards the $27,200 levels. However, if BTC can sustain daily candle closes above $29,600, the upward trend is expected to continue.
Short-Term BTC Analysis
2-Hour BTC/USD Price Chart
When looking at the short-term technical chart of Bitcoin, it can be seen that it continues to move within an important support zone above the $29,900 level. As long as the BTC price can sustain 2-hour candle closes above the $29,900 level, it can continue its upward movement towards the $31,400 levels.
However, if the Bitcoin price can make 2-hour candle closes below the $29,900 level, the downward movement can first expand towards the $29,500 level, and then towards the $29,100 support.
The short-term technical chart of Bitcoin emphasizes the importance of movements above the $29,900 level. If the price can remain steadily above this level, it has the potential to continue the upward movement. However, if a break below the $29,900 level occurs, it should be considered that the downward pressure may increase.
