Bitcoin Technical Analysis: Bitcoin on Resistance Levels

The leading cryptocurrency Bitcoin continues to test the resistance zone at $25211, which it saw in August 2022. Bitcoin, which quickly rose above the 26k level two days ago, could not sustain this rise and closed below the $25211 level. Faced with selling pressure yesterday, Bitcoin is trading on the downward trend it broke up, making us still think positively about it. Bitcoin, which started trading at $ 24670 yesterday, saw its highest level of $ 25197 and closed the day with a decrease of 1.56% at $ 24285.

Bitcoin, which started today at $24285, is trading at $24845 with an increase of 2.30% at the time of writing.

Bitcoin Chart Analysis

Although Bitcoin, which has had difficulty overcoming the 25211 resistance zone for weeks, reached $ 26386 with the purchases two days ago, at the end of the day closed again below the resistance zone. Even though Bitcoin, where the retracement continued after this closing, was sold yesterday, it managed to stay on the falling trend from August 2022. We can say that unless Bitcoin turns under the falling direction, the first target is at the $25211 resistance area. If this resistance is exceeded, we can see sharp upward movements. If we experience possible pullbacks, our falling trendline of $24k and EMA5 of $23914 are the first support levels to follow.

What is the latest situation in Altcoin?

The latest situation in some altcoins;

1. Ethereum: up 0.71% at $1661,
2. Solano: up 2.44% at $19.71,
3. Avax: up 1.80% at $18.83,
4. Ripple: up 0.60% at $0.3635,
5. BNB: It is trading at $316, up 3.20% at the time of writing.

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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