Technical Analysis for BTCUSD for 8th August 2022
Bitcoin Consolidates but Bullish, Primary Support at $22.5k
Past Performance of BTC
Bitcoin is relatively firm when writing. After encouraging gains on August 5 and rejecting lower lows of August 4, there have been no confirmations of the uptrend. Therefore, while buyers are optimistic, price action doesn't indicate strength. The current uptrend will be valid if there is a sharp close back above $24k, ideally with expanding trading volumes.
Bitcoin Technical Analysis
Bitcoin is consolidating inside a narrow trade range within a bullish breakout formation inside July 27 and 28 bull bars. The immediate support lies at $22.5k and $22.7k, marking August 4 lows. As long as prices are above this reaction level, every low is an opportunity for aggressive buyers to ramp up. However, there will be clearer entries above $24k and even July 29 highs if there is confirmation of August 4 attempts. A breakout to print new August 2022 highs may pump BTC back to $28k. On the flip side, losses below $22.5k may force the coin towards $21k and later $20k in a bear continuation formation.
What to Expect from BTC
Buyers are confident, but prices are wavy above $22.5k. Even so, Bitcoin is within a bullish breakout formation, and the rejection of lower lows in the second half of last week completed a retest.
Resistance level to watch: $24.5k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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