- The short-term outlook for Bitcoin shows resistance levels and potential retracements due to weak market structure.
- The four-hour time frame offers a complete picture of the market trend, with a rising wedge pattern indicating a potential for a downward trend.
- Analysis highlights key points to watch for in the near future of Bitcoin, including support levels at $23,300 and breakdown targets back to $21,000-$21,300.
Bitcoin: What to Expect in the Short and Long Term
The short-term outlook for Bitcoin shows resistance levels and potential retracements due to weak market structure. Upward sloping resistance has been forming on the one-hour price chart, with every approach facing significant rejection. Meanwhile support levels are playing an important role in analyzing prices around $23,000.
The four-hour time frame offers a complete picture of the market trend. Currently, a rising wedge pattern is being formed which is considered as a bearish reversal pattern. If this pattern does break below the upward sloping support line then there is likely to be a breakdown target back to previous support at $21,000 – $21,300.
Long Term Outlook
In terms of long term growth potential it is expected that Bitcoin will continue its upward trajectory overall as institutional investors become increasingly interested in cryptocurrencies. The digital currency’s scarcity and limited supply makes it attractive as an investment vehicle as it cannot be inflated like fiat currencies can be by central banks and governments. This increases its potential as an asset class particularly over the long run.
Analysis HighlightsAnalysis highlights key points to watch for in the near future of Bitcoin including support levels at $23,300 and breakdown targets back to $21,000-$21,300. Additionally there is strong selling pressure above current resistances making further gains challenging but not impossible if this pressure can be overcome by buyers looking for entry points into this volatile asset class or traders attempting short squeezes on these resistance lines.
< h2 >Conclusion h2 > Despite volatility within certain time frames there are many opportunities available when trading bitcoin both short term and longer term depending on your risk appetite or strategy preferences. It is important however always do your own research before investing any money into digital assets such as cryptocurrencies so you can make informed decisions based on your personal investment goals