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Technical Analysis for BTCUSD for 8th July 2022

Bitcoin Rallies 12% after Consolidation as BTC Prices Break Above $21k

Past Performance of BTC

Bitcoin is rising. Currently, the coin is up double digits in the last trading week and bottoming up from 2022 lows. Notably, prices are now trading above the $21k, and the July 7 bull bar is with rising trading volumes, indicating participation. As per the formation in the daily chart, buyers are in control in the immediate term.

Bitcoin Technical Analysis

The July 7 bull bar is wide-ranging and has relatively high trading volumes. As an engulfing bar, breaking above the $21k trigger line and pushing BTC prices above the middle BB, traders may take a cue from the bar and buy the dips. From the daily chart, prices could race even higher in the days ahead as long as prices are above $21k--the immediate support level and participation continue to increase. In this arrangement, buyers can target $22k and later $23k as short-term targets. Meanwhile, risk-on traders may wait for a conclusive close above $23k before buying the dips with medium-term targets at $27.7k. Any drop below $21k may slow the drive higher, invalidating the bullish forecast.

What to Expect from BTC

The bull bar of July 7 has rising trading volumes and is markedly above the 20-day moving average. Besides, it is engulfing and propels the BTC price above the recent consolidation. This formation hints at demand, signaling possible local bottoms for Bitcoin.

Resistance level to watch: $23k

Support level to watch: $21k

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

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