Due to the bulls' failure to regain control of the uptrend, a bearish cloud is enveloping the star cryptocurrency Bitcoin. The price started a slight upward correction from the support area of $26550 and climbed above the resistance level of $27000 and the 100 hour moving average level
Due to the bulls' failure to regain control of the uptrend, a bearish cloud is enveloping the star cryptocurrency Bitcoin. The price started a slight upward correction from the support area of $26550 and climbed above the resistance level of $27000 and the 100 hour moving average level. However, the bears who have been extracting meager profits have once again dragged prices below $27000.
Is it possible to exceed $28000?
Bitcoin prices have been sideways for a long time and have not been able to maintain resistance levels above $28000. On the other hand, the bearish performance of bulls is weak, indicating that there may be new bearish actions on the horizon.
Bitcoin (BTC) Price Analysis - Short Term (1H)
Since the last few days of May 2023, Bitcoin prices have maintained an upward trend. Unfortunately, the latest price trends have forced prices to break through lower support and plummet significantly. The price has now fallen significantly below the upward trend line, which may make it difficult for prices to make a comeback within the upward triangle.
Considering the current situation, BTC prices are strongly approaching the recent low support level of $26579.50. These levels have reversed the mainstream trend of BTC prices in the near future, so a significant rebound is expected in the next few hours after reaching these levels. However, due to the negative power of bulls and bears, the trend towards diversification in technology indicates that bears are gaining more power. In addition, ADX is attempting to form a bullish divergence, which may provide significant strength for the current price trend.
Therefore, the short-term Bitcoin price forecast is bearish and there is a high possibility of falling below key support.
Long term price forecast for Bitcoin (BTC) (1D)
The long-term forecast for BTC prices continues to flash bullish signals, although short positions have surpassed long positions in the short term. Although prices have broken through the parallel channel of upward trend, it is believed that the trend will continue to increase after a slight correction. The callback may provide a ejection action, which may push the price back above $28000 in the coming days.
As BTC prices decline, ADX is now turning negative, indicating that the upward trend is weakening. This will certainly not drag down prices, but it may force prices to maintain a consolidation trend within a very narrow range. In addition, RSI shows some strength and may rebound from lower trend lines, which may further provide a good driving force for Bitcoin prices to rebound and enter parallel channels as soon as possible.
Therefore, due to the general downturn trend, the long-term price forecast for Bitcoin (BTC) is currently unclear. However, if the price rebounds from the temporary support level of $24798, it is expected to break through the bullish trend. Failure may trigger new bearish trends, testing lower targets one after another.
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