Bitcoin has now had a few green weeks. The coin has risen from $26,000 to nearly $38,000 in the past 4 weeks, where it encountered resistance. Will Bitcoin break through this this week? Let’s look at the graphs.
The weekly chart
To start, let’s briefly take a look at the weekly graph. Here each candle represents 7 days, which allows us to look far back into the price history. In this way, four price levels are displayed that are very important.
The black line around $25,000 acted as support to rise through the gray zone. That zone is around $30,500, and could easily become support again if the BTC price ever returns here. The price is now well above this, but it is good to keep an eye on this level.
Even more resistances broken
When BTC shot up from here, the coin managed to get as high as $35,000 (blue line). Here the coin experienced short resistance, and to analyze this better, we also take a look at the 4-hour chart. Here each candle represents 4 hours.
As we can see here, at first we were unable to properly break through the blue line, but fortunately the price did make higher lows below this resistance. This indicated that the coin was being bought higher and higher by investors.
In the meantime, as can be seen, Bitcoin has broken through the blue line and has arrived at the yellow line ($37,500). This line has its origins in the past, where the price of BTC has fallen rapidly. These kinds of places can often turn into resistance if the price comes back here, like now.
Over $37,500?
Finally, we will also take a look at the 1-hour chart, so that we can see this in a little more detail. Bitcoin’s price crossed the yellow line, but only on the 1-hour chart. As you can see in the second chart, the candle of the 4-hour chart has not closed above that.
Bitcoin is certainly experiencing resistance at this level, and it is important to break through it to rise further. If a candle closes above this price level – for example on the 4-hour or daily chart – the biggest side is for Bitcoin to rise further.
However, it is good to realize that this level is also used by many investors to make a profit. The course may therefore be rejected a second time when it arrives here. Therefore, keep a close eye on the graphs and these lines.
2023-11-13 11:13:31
#Crypto #analysis #Bitcoin #break #week #BLOX #News
