Now Holding at Strong Support so Must Watch Chart
Bitcoin Technical Analysis: Strong Support at $28700, Potential for $36000 Target
Bitcoin has been trading at $29300, and as per the chart, it has broken out of the $28700 resistance level and is now doing a retest at that level. This article will provide a technical analysis of Bitcoin and highlight the potential for a bullish or bearish trend.
Key Levels:
Support: $28500
Resistance: $30500
- Bitcoin Technical Analysis
- Breakout and Retest at $28700
- Strong Support at $28500
- Potential for $36000 Target
- Risk of Dropping to $23000-$24000
Breakout and Retest at $28700:
Bitcoin has recently broken out of the $28700 resistance level and is currently undergoing a retest at that level. This retest is crucial in determining the future direction of Bitcoin. If the retest is successful, we could see a potential for a bullish trend.
Strong Support at $28500:
The $28500 level has now become a strong support level for Bitcoin. If Bitcoin bounces back from this level, it could potentially reach the next target of $36000. However, if it breaks below this level, the bullish hope is lost, and we could see Bitcoin dropping to $23000-$24000.
Potential for $36000 Target:
If Bitcoin successfully bounces back from the $28500 support level, the next potential target is $36000. This could be a sign of a strong bullish trend.
Risk of Dropping to $23000-$24000:
If Bitcoin fails to hold the $28500 support level and breaks below it, the bearish trend could take over, and Bitcoin could potentially drop to $23000-$24000.
Takeaways:
- Bitcoin has broken out of the $28700 resistance level and is undergoing a retest at that level.
- $28500 has become a strong support level for Bitcoin.
- If Bitcoin bounces back from $28500, the next potential target is $36000.
- If Bitcoin breaks below $28500, it could drop to $23000-$24000.
Conclusion:
Bitcoin's technical analysis suggests a potential for a bullish trend if it successfully bounces back from the $28500 support level. However, if it breaks below that level, the bearish trend could take over, and Bitcoin could potentially drop to $23000-$24000. This is not financial advice, and readers should conduct their research before investing in any coins.
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