Bitcoin is almost exactly what we talked about in my previous review. Because of this, the coin may experience some resistance at this point. Still, there are chances to remain bullish, as we have come to expect from Bitcoin in recent weeks. What is needed for this?
Mission accomplished
Let’s first look at the monthly chart, where each candlestick represents a month. This graph is used to analyze long-term movements. Here we also see the main price levels (shown in blue). Bitcoin is currently between the middle and upper zones.
There is also an orange line (+- USD 23,300). We discussed this resistance in last week’s analysis. It is the July closing price of the candle that many traders see as resistance. It is therefore important that this line is recaptured in order to continue to rise.
If bitcoin closes a candle above the blue zone and above the orange line on a monthly basis, chances are we will soon see a price of $28,000. To see this better, let’s take a look at the daily chart. Here each candle represents 24 hours.
And now?
In the chart below we see the daily candlesticks, the orange line (resistance) and the central blue zone (support). As you can see the price reached the target of +-23,000 the day before yesterday and stayed just below it.
The longer Bitcoin holds a position just below the resistance, the more likely it is that the price will try to break through the resistance. Unfortunately, there is little certainty at the moment. Monthly resistance is one of the most important and just played. This makes it more logical to assume that the price will move to the middle zone (i.e. down) as well.
The latter is not necessarily bad for the price. Bitcoin also has to take small steps back and can never go straight up. If the route does cross the orange line, this line can serve as support in the event of a minor setback.
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Source: Btc Direct
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Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
