Technical Analysis for BTCUSD for 1st August 2022
Bitcoin Cooling Off but Buyers have the Upper Hand, Critical Support at $23k
Past Performance of BTC
Bitcoin prices are within a tight trade range above $23k when writing. However, despite confidence amongst traders, buyers have failed to conclusively close above last week's highs. Given the BTCUSDT candlestick formation, prices may retrace in the short term in sync with the formation in the NY Session of July 30. The immediate reaction point is at July 28 low at $22.7k.
Bitcoin Technical Analysis
BTC prices are within a bullish breakout formation above $23k. Even so, bulls have failed to follow through on gains of the second half of last week, with prices falling on July 31. Still, since Bitcoin is within the July 28 and 29 bull bars and the recent bear bars of July 30 and 31 have relatively low trading volumes, buyers have the upper hand from an effort versus results perspective. In the immediate term, prices may recoil towards $23k, but every low should be a loading opportunity, provided Bitcoin holds above $22.7k. Any surge above $24.5k with high trading volumes may see Bitcoin erupt to $28k in a bullish continuation formation.
What to Expect from BTC
Traders are confident, but sellers are firm, reading from the formation in the daily chart. The reaction at $22.7k and $24.5k would shape the short to medium-term price trajectory.
Resistance level to watch: $24.5k
Support level to watch: $22.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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