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  • Writer's pictureCryptofool

Technically speaking: BTC short, medium and long term trends.

Updated: Aug 8, 2022

Over the course of last week the Bitcoin broke the 38K resistance level. The next major resistance level is at 52 -53K. If the price continues upward movement, there is a high chance Bitcoin will reach those levels.

On the downside, there are two key support levels to watch 35 - 36K and 29 -30K

Medium term trend is a lot more challenging. On the upside, here are a few minor resistance lines ahead. I don’t expect a straight upward movement to 53K. There will be a few zig-zags before that.

On the downside , I expect the price to retest the 34K support line before moving higher.

The short term time frame is on the upside. However, I expect a light pull back to 38 -39 levels before price continues to move higher.

Even though the price shows early signs of a reversal I do not expect a sharp V-shape recovery to the previous ATH any time soon. There are many challenging factors that can affect price.

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