Downward movement was expected in bitcoin and it moves exactly according to the expectations and hit the minimum target level. In our bitcoin price forecast today we will look for the next possible movement and some Technical levels for watching area.
Bitcoin made a bottom in yesterday movement and hit a low around 9190$. however, the more downward movement was expected but it bounces a few bucks above the expected area.9190$ the area becomes the rising support if we look the previous chart history of bitcoin.
According to the technical rules, the support becomes resistance when it breaks. Current market price of bitcoin is around 12700 and the next possible target level is around 12800 which is the previously broken support that becomes resistance.We may see a reversal from this level 12800-900.If bitcoin breaks the resistance then the possible and strong next resistance is forming at 15000$ level which could be the next watching area.
We will look at the 12800 level to see the market behavior either it will reverse or break the price to touch second resistance level.
Rising support is forming around 10000$ level and it will confirm once market hit it first resistance level 12800$.
Please have a look at 4-hour Bitcoin price forecast today chart below, I have mentioned possible movement diagram and watching levels.
Bitcoin Forecast Chart 4-Hour
Bitcoin Support Zone : 10000$
Bitcoin Resistance 1 : 12800-900
Bitcoin Resistance 2 : 15000
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com