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Technical Analysis for BTCUSD for 5th August 2022

Bitcoin Wavy but will BTC Bulls Break $24.5k?

Past Performance of BTC

Bitcoin prices are wavy when writing, dropping four percent in the last trading week. As from the arrangement in the daily chart, the coin is steady above the $22.7k primary support and July 28 lows, recovering after losses of August 4.

Bitcoin Technical Analysis

Bears have the upper hand from the top down analysis, and the coin may drop in the days ahead if buyers don’t follow through on today’s gains. Currently, as buyers reject lower prices, it is imperative that buyers force the coin above the $24.5k level for trend continuation. Meanwhile, if bears flow back and take charge, the immediate sell target will be at $21k or July 27 lows. If sellers further press on and break below the ascending channel, the coin could plummet to $18.8k in a bear continuation formation, confirming losses of mid-June 2022.

What to Expect from BTC

The Bitcoin tide will only change for the better once there are sustained gains above $24.5k in a breakout above the rising channel. Any confirmation of August 4 losses below $22.7k may weigh negatively on optimistic bulls, possibly forcing BTC towards 2022 lows.

Resistance level to watch: $24.5k

Support level to watch: $22k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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