Technical Analysis for BTCUSD for 2nd August 2022
Bitcoin Upside Momentum Fizzling, Will BTC Drop to $22k?
Past Performance of BTC
Bitcoin prices are trickling lower at spot rates, reading from the performance in the daily chart. At spot rates, the coin is down two percent on the last trading day, trailing the USDT. However, traders are still upbeat and bullish on Bitcoin's prospects in the short term. Technically, the immediate trigger lines are at $22.7k and $24.5k on the upper side.
Bitcoin Technical Analysis
From the daily chart, Bitcoin prices are printing lower lows relative to the upper BB, pointing to tapering upside momentum. Even so, since prices are still consolidating inside the July 27 and 28 trade range, buyers have a chance from an effort versus results perspective. Notably, the series of lower lows in the past few days have relatively low trading volumes and are within a tight trade range, a net positive for optimistic traders. Therefore, albeit the slowdown, aggressive traders may load the dips above $22.7k and target last week's highs at $24.5k and later $28k in a bullish continuation formation. Nonetheless, this bullish preview will be null should Bitcoin slump below $22k.
What to Expect from BTC
Traders may be bullish and expect more gains in the short term. However, this depends on the reaction at $22.7k and $24.5k in the short term. Deep losses below $22k may see BTC slump towards $20k as sellers flow back, canceling the uptrend.
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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