The trading price of Bitcoin is within the resistance range of $29000 to $28700. Failure to break through this resistance level may lead to a downward trend
The trading price of Bitcoin is within the resistance range of $29000 to $28700. Failure to break through this resistance level may lead to a downward trend. However, if Bitcoin's daily closing price exceeds the resistance level of $28600, it is expected to continue its upward trend.
Currently, Bitcoin is near a critical resistance range, and failure to break through this resistance may trigger a downward trend; On the contrary, daily closing prices above the resistance range may continue to drive an upward trend.
Medium term Bitcoin analysis
When examining the current technical chart of Bitcoin, we found a strong buying reaction towards the crucial support area mentioned in the October 9th analysis ($26700 to $26285). This purchasing power has driven prices up to key resistance levels of $28300 and $29300, bringing more than 10% growth to our readers.
If Bitcoin prices can maintain a daily closing price above $28600, it is expected to continue its upward trajectory. However, once the closing price falls below the resistance level of $28600, it may trigger a downward trend, with the primary target set at $28300 and a possible subsequent drop to $27000.
Therefore, Bitcoin investors should closely monitor the resistance level of $28600 and remain vigilant when closing below that level on a daily basis. If Bitcoin continues to achieve a daily closing price above the $28600 level, the next target will be $29333.
Short term BTC analysis
When carefully studying the 4-hour technical chart of Bitcoin, we found that the price is close to the resistance range of $29000 to $28700. If the Bitcoin price fails to achieve a closing price above this resistance range within 4 hours, it may first drop to $27540 and then potentially fall to $26250.
Therefore, short-term investors should closely monitor the resistance level between $29000 and $28700, and if this resistance level cannot be overcome, consider potential short positions. However, if Bitcoin closes above $29000, it may continue its upward trend, with the next target set at around $29500.
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