Technical Analysis for BTCUSD for 3rd August 2022
Bitcoin Flatlines above $23k, BTC Remains Firm in a Retest
Past Performance of BTC
Bitcoin prices are within a tight trade range when writing, stabilizing on the last trading day but trading above the $23k level. Technically, the BTC uptrend remains firm, but buyers must close above last week's highs for a clear trend definition. Notably, a high volume break above $24.5k and above the current rising channel may spur demand. The influx of buyers may lift the coin back to early June 2022 territory.
Bitcoin Technical Analysis
From the daily chart, BTC is firm, and buyers stand a chance. Currently, prices are above the $22.7k and $23k support level and within the July 28 bull bar, a net positive. Based on this formation, traders may search for loading opportunities provided prices are steady inside the rising channel and, most importantly, within the July 28 candlestick. This is because sellers have failed to conclusively reverse losses, an indicator that the upside momentum is strong, and prices may tick higher. The immediate term resistance level is $24.5k, a reaction level that should be broken for conservative traders to flow back and commit with targets at $28k or better in the medium term. Any price dump below $22.7k will nullify this preview, setting the pace for possible lower lows in the short term.
What to Expect from BTC
Buyers are optimistic, and the recent dip to critical support in a retest may offer entries to double down. As long as prices trend above the July 28 bull bar and $22.7k, buyers are in pole position and may reclaim $24.5k in the days ahead.
Resistance level to watch: $24.5k
Support level to watch: $22.7k
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