Technical Analysis for BTCUSD for 4th August 2022
Bitcoin Bounce, BTC Prices Pinned inside a Rising Channel above $22.7k
Past Performance of BTC
Bitcoin prices are relatively firm when writing, stabilizing on the last trading day and rejecting bear pressure. Based on the BTC candlestick arrangement in the daily chart, buyers have the upper hand. As such, yesterday's demand may spill over, supporting today's prices. Overall, the path of least resistance remains northwards, and prices are inside a rising channel, a tailwind for optimistic bulls.
Bitcoin Technical Analysis
Bitcoin is currently lower but is firm and inside the bullish engulfing bar of July 28. In the days ahead, traders may look to load the dips inside the July 28 bull bar, targeting $24.5k and the upper range of the rising channel. This preview will remain valid provided prices are above the $22.7k primary support, validating gains of July 27. As buyers double down, a breakout above $24.5k may see BTC float to $28k in the medium term. On a more cautious outlook, the uptrend will be slowed should BTC crumble below $22.7k, unwinding progress made on July 27.
What to Expect from BTC
Overall, Bitcoin bulls have the upper hand especially after August 3's refreshing gains. Even so, there will be a clear trend definition above $24.5k if buyers flow back. In that case, BTC may explode to the early June 2022 zone.
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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