The cryptocurrency market continues to test the patience of its investors. Especially the legal processes in the United States put serious pressure on the cryptocurrency market, and we are eagerly awaiting the next moves, especially by the SEC. As in 2021, the entry of corporate companies into the cryptocurrency market with legal processes will eliminate many problems in this field.
Bitcoin Daily Chart Analysis
The most striking formation in the daily chart of Bitcoin is the rising channel formation. The fact that this channel has been working since November 2022 is the most important positive factor. The breaking of the EMA 200 average, which acted as support in March, in August and its recent role as resistance can pose a serious problem for the Bitcoin price.
The support levels that need to be considered in the daily chart are respectively 25,585 / 24,916 and 23,998 dollars. Especially the downward break of the $24,916 level and the daily closing below this level may lead to the disruption of the channel formation and a significant decrease.
The resistance levels to be followed for Bitcoin are respectively 27,579 / 29,015 and 30,729 dollars. Especially the daily closing at the $29,015 level may lead to the surpassing of the EMA 200 resistance and a relief in the Bitcoin price at some point.
Bitcoin 2-Hour Chart Analysis
In the short term, we cannot talk about any formation in the Bitcoin chart, but here too, the resistance role of the EMA 200 average is quite annoying. It can be easily seen from the formation of bars that we are in a low-volume market and going through a process based on news flow. The fact that the EMA 7 and EMA 21 averages act as resistance in the last two bars is one of the biggest reasons for the weakness in price.
The most important support levels to be followed for Bitcoin in the 2-hour chart are respectively 26,243 / 26,067 and 25,873 dollars. Especially a bar closing below the $26,067 level can cause a significant decrease in price.
The resistance levels to be followed are respectively 26,419 / 26,748 and 26,935 dollars. For the Bitcoin price to relax, a bar closing above the $26,748 level is necessary, as it has been going through an accumulation process for the past two weeks.
