Technical Analysis for BTCUSD for 7th July 2022
Bitcoin Bulls Firm, will BTC Prices break above $23k and end the Bear Run?
Past Performance of BTC
Bitcoin, like the rest of the crypto market, is stable and in green in the past 24 hours. Considering the arrangement of the BTC chart, the short-term trend is bullish only as long as prices are above $18.8k. Since prices are steadying and edging higher above recent lows, there could be an opportunity for buyers to double down in smaller time frames, targeting $22k and $23k, the immediate resistance levels.
Bitcoin Technical Analysis
From the daily chart, BTC prices are in a tight trade range, capped inside the July 1 trade range. With BTC in green on the last trading day, rejecting bears of the previous week, traders may find entries above $18.8k. In this formation, their immediate target would be $22k and $23k, as mentioned earlier. A break above $23k would relieve buyers and possibly anchor the next leg up towards $27.7k—May 2022 lows. Depending on how price action pans out, the path higher or lower would be fueled by macro factors. Accordingly, risk-on traders can wait for a clear trend definition above $23k or $18.8k—or lower—before committing.
What to Expect from BTC
Traders are bullish, a sentiment that shows in the Bitcoin daily chart. With BTC above last week's lows and rejecting bearish attempts at spot rates, prices could recover in sessions ahead.
Resistance level to watch: $22k and $23k
Support level to watch: $18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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