Technical Analysis for BTCUSD for 11th July 2022
Bitcoin Snaps Back to Range, will BTC Hold Above $20k?
Past Performance of BTC
Bitcoin is stable at spot rates, trailing the USDT and recoiling from the $22k region despite optimism from the broader trading community. Technically, buyers have the upper hand at spot rates. Even so, the failure of bulls to break above the trigger line and, worse, reverse losses of July 10 may lead to more liquidation in the short term. On the brighter side, buyers have a chance provided prices still trend above the $20k primary support.
Bitcoin Technical Analysis
The path of least resistance is northwards, at least in the short term. Buyers have resistance at $22k, while support is marked by the dynamic middle BB level and the $20k line. Since BTC prices are trending inside the July 7 wide-ranging bull bar and trading volumes are relatively low, traders can load the dips targeting $22k and $23k in the short term.
On a more cautious side, the recent lower lows versus the upper BB coupled with drying volumes and the failure of bulls to clear $22k present hindrances that may embolden bears. Therefore, there will be a clear opportunity for the risk-on traders above $22k and $20k. Ideally, a break above $22k and later $23k with expanding trading volumes may see BTC rally to $28k.
What to Expect from BTC
Traders are confident, but BTC price action is bearish, and bulls are struggling. For now, aggressive traders can load the dips if prices are above $20k and the middle BB.
Resistance level to watch: $22k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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