Technical Analysis for BTCUSD for 10th August 2022
Bitcoin Drops 4%, BTC Bulls Fail to Clear July Highs
Past Performance of BTC
Bitcoin remains stuck in tight trade ranges when writing on August 10. From the daily chart, BTC prices pulled back from this week's high and are down four percent in the past 24 hours. Even though buyers have the upper hand and prices are trending inside conspicuous, high-volume bull bars, a clear close above July 2022 highs may see price rip higher, floating to mid Q2 trade range.
Bitcoin Technical Analysis
BTCUSDT prices are inside a rising channel but are down four percent from recent highs. Technically, buyers are in control only, provided prices are above $22.5k in the short term. The reaction line marks July 27 lows and is the anchor of the recent leg up, marked by the July 27 and 28 bull bars. From an effort versus results perspective, buyers have the upper hand, permitting aggressive traders to buy the dips. However, considering the series of lower lows versus the upper BB and possible cool-off after a 37 percent surge from 2022 lows, a clear trend may emerge above $24.5k. A high volume close above $24.5k confirming gains of July 27 may mark the beginning of another wave higher towards June 2022 peaks.
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: $22.5k
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