{"id":11980,"date":"2024-02-13T14:00:05","date_gmt":"2024-02-13T14:00:05","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=11980"},"modified":"2024-02-13T14:16:19","modified_gmt":"2024-02-13T14:16:19","slug":"things-are-getting-complicated-in-bitcoin-which-levels-should-we-follow","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/things-are-getting-complicated-in-bitcoin-which-levels-should-we-follow\/","title":{"rendered":"Bitcoin (BTC) Target Price: Which Levels Should We Follow?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin (BTC) rose to the $50,000 level despite a series of sensational news after falling to the $38,000 level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In <a href=\"https:\/\/coinengineer.net\/blog\/\">our previous analyses<\/a>, we had determined the resistance level of $48,000 and the support level of $38,000 using Bitcoin&#8217;s CME chart. In live broadcasts, we had predicted that Bitcoin could move towards the upper band of the channel ($50,000) and enter an upward trend if it did not break the $38,000 level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As seen in the graph, Bitcoin started to rise after keeping the support of $38,000 and reached the resistance level of $50,000. This rise shows that investors&#8217; risk appetite has increased and interest in Bitcoin <a href=\"https:\/\/www.youtube.com\/watch?v=pKMY19eSyNs&amp;pp=ygUPcGFyYSBtw7xoZW5kaXNp\"> continues.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The channel that has been ongoing since November 9, 2022, continues to direct the Bitcoin (BTC) price. Both bands serve as both support and resistance levels. We can consider these band areas as general trend change levels. So, what can we expect in the short term?<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/things-are-getting-complicated-in-bitcoin-which-levels-should-we-follow\/#Short-term_Analysis_of_Bitcoin_BTC\" title=\"Short-term Analysis of Bitcoin (BTC)\">Short-term Analysis of Bitcoin (BTC)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/things-are-getting-complicated-in-bitcoin-which-levels-should-we-follow\/#Levels_to_Watch_Out_For\" title=\"Levels to Watch Out For:\">Levels to Watch Out For:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/things-are-getting-complicated-in-bitcoin-which-levels-should-we-follow\/#Technical_Indicators\" title=\"Technical Indicators:\">Technical Indicators:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Short-term_Analysis_of_Bitcoin_BTC\"><\/span><b>Short-term Analysis of Bitcoin (BTC)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin (BTC) is currently trading at a level close to the upper band of the channel. Looking at the previous peak points, it is observed that the upper band of the channel triggered a decrease of about 15%. This situation suggests the possibility that Bitcoin may experience a correction movement from this region.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Levels_to_Watch_Out_For\"><\/span><b>Levels to Watch Out For:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>$51,000:<\/b><span style=\"font-weight: 400;\"> Whether this level breaks or not will determine Bitcoin&#8217;s direction. If it breaks and the support is maintained, an increase to the $56,000 level can be predicted.<\/span><\/p>\n<p><b>$50,000:<\/b><span style=\"font-weight: 400;\"> Breaking this level could create resistance close to the upper band of the channel and increase the possibility of correction.<\/span><\/p>\n<p><b>$47,000:<\/b><span style=\"font-weight: 400;\"> Breaking this level could indicate a trend change in the short term.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Technical_Indicators\"><\/span><b>Technical Indicators:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The RSI indicator is approaching the overbought region.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The MACD indicator has created a peak point and started to give a downward signal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From a different perspective, if the upper band of the ascending channel is not broken, a sharp drop may begin in Bitcoin. This situation can cause a change in the trend in the short term. Among the important factors supporting the decline, there are divergences in the daily and weekly charts of Bitcoin. Depending on your strategy, realizing profits in these areas against the possibility of these divergences working can benefit you.<\/span><\/p>\n<hr \/>\n<div>\n<div>\n<p><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) rose to the $50,000 level despite a series of sensational news after falling to the $38,000 level. In our previous analyses, we had determined the resistance level of $48,000 and the support level of $38,000 using Bitcoin&#8217;s CME chart. In live broadcasts, we had predicted that Bitcoin could move towards the upper band<\/p>\n","protected":false},"author":6,"featured_media":11979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[61,1766,60],"class_list":["post-11980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoin","tag-bitcoin-btc","tag-btc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin (BTC) Target Price: Which Levels Should We Follow? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) rose to the $50,000 level despite a series of sensational news after falling to the $38,000 level. 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