According to analyst Crypto Melih, Bitcoin technically continues its uptrend on the chart when examined on the 4-hour time frame.
After forming a new Higher High with its rise to $25.350, its correction continues to make a new low. Despite the reaction from the $22.815 level in the last drop, the price tested the first resistance zone at $22,800 after clearing its liquidity in this region.
Talking about the importance of closing above the resistance zone of $22.750-$22.950 for the Bitcoin price to continue to rise, Crypto Melih added to his analysis that as long as the price stays below this region, there is a possibility to test the lower support zone of $22.320 to make a new bottom.
“I think this level is important because it is an order block region that made a new high in the market and a support region that previously held the price horizontally. At the same time, I think that buyers can be strong in this region as it coincides with the optimal trade entry level and the imbalance point at $22.320.”
“A 4-hour close below $21.400 is required before we can say that the uptrend is over. As long as the price stays above this zone, the uptrend will continue.”