Technical Analysis for BTCUSD for 11th August 2022
Bitcoin Soars, Rising 7% as BTC Reverses, Finding Support at $22.5k
Past Performance of BTC
Bitcoin prices exploded on August 10, surging seven percent in the past trading day, bouncing from around a critical support level as per the formation in the daily chart. Currently, BTC is trading at new H2 2022 highs and may increase, building on yesterday's gains and aligning with the primary trend established at the tail end of July 2022. At spot rates, traders may look to load the dips, targeting immediate reaction points in the short and medium term.
Bitcoin Technical Analysis
From the daily chart, bulls on August 10 reversed losses of August 9, pushing back prices into the primary uptrend established on July 27. Since yesterday's bull bar has rising trading volumes and is wide-ranging, rejecting bear attempts early this week, traders may ramp up with immediate targets at $28k. In this bullish continuation formation, the coin may surge to $32k in a welcomed recovery. On being cautious, any dump below August 9 lows will unwind progress made, diffusing bulls' upside momentum.
What to Expect from BTC
News of inflation cooling down in the U.S. saw crypto and BTC prices expand. As from the daily chart, BTC may register new H2 2022 lows, breaking above July 2022 highs in a bullish continuation pattern.
Resistance level to watch: $28k
Support level to watch: $22.5k
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