This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 12th August 2022

Bitcoin Remains in a Firm Uptrend Despite the 3% Drop



Past Performance of BTC

Bitcoin is solid, and prices are around H2 2022 highs, a net positive for traders. However, despite solid gains mid-this week, there has been no convincing follow-through to signal strength and possibly trend continuation. Instead, based on the development in the daily chart, there are hints of price rejection, resulting in the August 11 bar closing with a long upper wick. This suggests that yesterday's bears managed to unwind gains posted during the early Asian and European sessions.


Bitcoin Technical Analysis

The coin is down three percent in the past 24 hours, and buyers are laboring to confirm gains. At spot rates, BTC traders may look to double down on every retracement. The immediate support line lies at August 10 lows at around $22.5k, flashing with August 27 lows. As such, provided prices are trading above this reaction level, buyers have the upper hand, and Bitcoin may print higher in subsequent sessions. Bulls must reclaim $24.5k and solidly close above July 2022 highs for clear trend definition. The surge should also be with rising trading volumes in follow-through of the July 27 and 28 breakout bars. If not, sharp drops below $22.5k will cancel this bullish preview.


What to Expect from BTC

BTC is back in a trading range in lower time frames. Encouragingly for bulls, prices are above the $23k reaction range and within the two solid bull bars of late July 2022. Therefore, despite the contraction in the second half of the week, buyers have the upper hand.


Resistance level to watch: $28k

Support level to watch: $22.5k


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020