Technical analysis is a key indicator for investors in the cryptocurrency market. With the current price of Bitcoin at $39,729, what clues does technical analysis offer for Bitcoin? Let’s examine it with detailed chart analysis and important support and resistance levels.
The ascending channel formation on the four-hour chart of Bitcoin is noteworthy. Despite the absence of any support or resistance breakouts in this structure, it offers important clues, especially for short-term investors. The upcoming support or resistance breakouts will determine the direction of Bitcoin, which is currently consolidating in a narrow range.
The most important support levels to be monitored on the four-hour chart of Bitcoin are $39,288, $38,672, and $38,230, respectively. If the four-hour candle closes below the 39,288 level, which intersects with EMA 7 (blue line), it will pave the way for selling pressure in the short term.
The most important resistance levels to be considered on the four-hour chart of Bitcoin are $39,789, $40,813, and $41,778, respectively. A breakout above the 39,789 level, which intersects with the ascending channel formation, will enable Bitcoin to gain momentum in its price.
The 30-minute chart of Bitcoin highlights the ascending triangle formation. This structure attracts the attention of many investors after an upward movement. The breakout of the resistance of the triangle formation will create a short-term upward momentum in the price of Bitcoin.