Bitcoin is unsuccessfully testing a minor resistance area (B T c), has moved towards the lower support point.
It has not been able to move above $29,700 for several days and is in a smaller price range. B T c, was repulsed by slight resistance. BTC, where sellers did not exceed $29,262, is moving towards $28,896. Though the market is calm, the gradual loss of value by the sector leader has raised the fear level among the investors. What about the current state of BTC?
bitcoin (btc) chart analysis
After failing to test $29,700, BTC retraced to $29,100. The decline could be even more serious if the leader cryptocurrency, which has currently broken a key support level, fails to break above $29,262. The support points that can be followed on the current chart of BTC are $28,896 – $28,406 – $28,039 and $27,467 respectively.
Emergence of positive news about the market or volume above $29,700 will strengthen the hands of the buyers in BTC. In such a scenario, the resistance points to be followed are $29,262 – $29.698 – $30,303 – $30,808 and $31.396, respectively. Specifically, the $29,500 – $29,700 price structure seems crucial for the near term.
