Bitcoin is a critical indicator for investors, especially those trading in the futures market, and technical analysis shows how the current $37,699 transaction price is affected. The increasing channel formation in Bitcoin’s daily chart since October 23 has drawn attention. Despite breaking resistance with the rise on November 9, the price could not close the daily candle in this range. The support of EMA 7 (blue line) after the fall on November 21 may allow the price to gain significant momentum in the future.
The most important support levels to be followed for Bitcoin in the daily chart are $37,256, $36,857, and $36,352, respectively. If the daily candle closes below these support levels, it may cause a change in the formation support line for the Bitcoin price. However, if the daily candle closes below $36,000, it may cause a loss in the upward momentum of the Bitcoin price.
The most important resistance levels to be considered for Bitcoin in the daily chart are $38,007, $38,722, and $39,198, respectively. In the bear market, Bitcoin struggles to surpass these levels, leading to a loss of upward momentum. Currently, the failure of the daily candle to close above $38,000 poses a significant threat to the Bitcoin price.
In the two-hour Bitcoin chart, a similar increasing channel formation as in the daily chart can be observed. However, the unsuccessful retest attempt by the price after the break of resistance on November 16 indicates that this break was a false breakout. The consolidation between $37,724 and $37,387 in the recent candle formations of the Bitcoin price is another important point.
The most important support levels to be followed for Bitcoin in the two-hour chart are $37,387, $36,934, and $36,377, respectively. Especially, if a candle closes below the intersection of EMA 200 (red line) and $36,934, it will cause Bitcoin to lose momentum in the short term.
The most important resistance levels to be considered for Bitcoin in the two-hour chart are $37,724, $37,921, and $38,270, respectively. Especially, if a candle closes at the intersection of the unbroken formation resistance line and $38,270, it will enable the Bitcoin price to gain significant momentum.