In today's episode of my price analysis article series, I will examine the engine of the cryptocurrency market, namely Bitcoin. Altcoin investors are also curious about the Bitcoin chart, as Bitcoin's price movements affect the entire cryptocurrency market. As a result, the most analysis requests come for Bitcoin. Without further ado, let's take a look at the latest developments in Bitcoin.
BTC Price June 28, 2021
Bitcoin price is stuck in the 30 0000 and 40 000 dollars band after the sharp drops. Unfortunately, it has tested the 30 000 dollar support further. Currently, its price is traded at 34 600 dollars.
2-Hour Bitcoin/USDT chart, price data taken from Binance exchange. The graph is in logarithmic settings, so it may have some differences with your graph.
The green areas on the chart show our support and resistance zones. The support zone at the bottom of the chart seems to be quite large in this time frame as it belongs to the big time frame.
I explained the general view of Bitcoin in the price analysis video I prepared yesterday. You can access the related video by clicking here. Today, we're going to take a slightly shorter look. As you can see in the chart, the price has tested the $30,000 support zone twice. As a matter of fact, the first question that comes to mind is whether there is a double bottom formation here. Due to the candle closing of the first bottom area on the 2-hour chart, this place does not comply with the rules of the double bottom formation.
I said above that that region does not comply with the double bottom structure. However, there is a situation. The price has reacted twice from a strong support zone and is now in the first resistance zone ($35 000 zone). Even if we only look at this appearance, a positive picture welcomes us. Once this resistance is broken, I think the price will test an upper resistance zone (around $38,000).
Understanding crypto or other financial market is not as difficult as it appears. There is always a time when it will surge, don't be caught unawares.