Technical Analysis for BTCUSD for 15th July 2022
Bitcoin Rising as BTC Bulls Steady above $18.8k
Past Performance of BTC
Bitcoin bulls are firm when writing, inching higher and building on July 13 gains. Even though prices are within a broader $3.2k trading range with clear resistance and support levels at $22k and $18.8k, buyers have the upper hand in the short term. Still, prices must break above the current distribution and cancel out the bearish outlook from early June 2022.
Bitcoin Technical Analysis
Bitcoin prices are trading in a tight range, and buyers have the upper hand in the short term. This preview holds provided prices are held above the $18.8k multi-week support level. Based on the BTCUSDT formation in the daily chart, traders may find entries on every dip with the immediate target at July 2022 highs at $22k. This preview is valid because prices are building on gains registered on July 13. Therefore, in a three-bar bullish formation pattern, traders have a chance to buy the dips. On the reverse side, losses below $18.8k would cancel the bullish outlook, paving the way for even more drawdown in the short term.
What to Expect from BTC
Depending on the eventual breakout direction, Bitcoin bulls are steady and are in control in the short term. Bears have the upper hand from a top-down analysis point of view.
Resistance level to watch: $22k
Support level to watch: $18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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