Technical Analysis for BTCUSD for 15th August 2022
Bitcoin Uptrend Valid even with a Spinning Top Formation
Past Performance of BTC
Bitcoin Technical Analysis
Overall, buyers have the upper hand when writing and analyzing the candlestick arrangement in the daily chart. While optimistic, traders should take note of possible exhaustion by bulls and the lower lows relative to the upper BB despite prices rallying to register new H2 2022 highs. Although BTC is within a bullish formation, solid, wide-ranging bar(s) must be mirroring those of late July 2022 for a clear trend definition. In that case, while aggressive traders may find entries above $23k and $24.5k with targets at $28k and $32k in the medium term, a close above $25.3k
What to Expect from BTC
The uptrend is firm but bulls are finding it hard to add to their longs. Any close above last week's highs might reinvigorate exhausted buyers, injecting momentum to the uptrend in a buy trend continuation formation.
Resistance level to watch: $25k
Support level to watch: $23.6k
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