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Technical Analysis for BTCUSD for 9th August 2022

Bitcoin is Solid Firm, BTC May Clear $24.5k

Past Performance of BTC

Bitcoin prices could add to their gains, as per the formation in the daily chart. The coin is steady on the last trading day, adding four percent week-to-date. After a brief consolidation in the second half of last week, spilling over the weekend, BTC rose on August 8. With prices strengthening, buyers will likely push the coin above $24k, re-invigorating optimistic traders aiming for $28k or better in the medium term.

Bitcoin Technical Analysis

The BTC bullish breakout of late July 2022 is valid at spot rates. Technically, the retracement of prices from recent peaks to slightly below $23k indicates that the retest is complete. Currently, the third phase of a breakout formation, the bullish continuation stage, could be in development. Aggressive traders may load the dips above $22.7k and $23k, targeting $24.5k and later $28k. On the other hand, gains above $24.5k and July 2022 gains may trigger another wave of higher highs towards $28k in confirmation of the July 27 and 28 breakout.

What to Expect from BTC

Buyers are upbeat when writing, expecting more gains. However, a close above $24.5k with rising volumes may draw even more buyers, with the resulting demand initiating the next leg up. Any rejection below $22.7k would slow the wave higher, invalidating the gains of late July 2022.

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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