Bitcoin has been at its lowest point for several days. The coin is at an important price level and seems to be preparing for a rally. Therefore, it is good to see where Bitcoin could rise if the bullish scenario continues. Let’s look at the graphs.
How is Bitcoin doing?
To analyze this, let’s first analyze Bitcoin’s 4-hour chart. Normally we start with the weekly chart, but this time we do it the other way around. It is important that Bitcoin remains strong in the short term, otherwise the coin will not rise at all.
Therefore, in the chart below, each candle is valid for 4 hours, so we can see the short-term price movements. As already suggested in other analyses, it is important to conquer the green zone. This is the place that is currently causing resistance.
It’s good to see that the coin was already there. It appears that buy orders are currently being placed in this zone, which is good in a place where sellers used to dominate. This is a positive sign.
However, it may happen that the price drops into the green zone, but this does not have to be a major problem. It is important that the price does not fall below the previous low. Initially the red line was the guide, but because the previous low was much higher, this is a better indication.
The next big resistance
If the price increases from here, we can expect a good increase. We will cover this with the Bitcoin weekly chart. Here each candle represents 7 days, giving us a long look back at price trends. This way we can better see where the next resistance is.
Currently it appears to be in the upper green range. This one costs about $45,000 (or $45,400 to be exact) and has its origins in a very old resistor. The coin fell from here and never came back. Therefore, the coin is likely to face resistance here in the long term.
This doesn’t mean the coin can reach this point all at once, as a lot can happen along the way. But in the long term, a price of $45,000 will certainly not be crazy if Bitcoin manages to position itself in the lower green zone.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
