Technical Analysis for BTCUSD for 17th August 2022
Bitcoin Expands inside a Rising Channel, BTC adds 2%
Past Performance of BTC
Bitcoin prices are still confined within tight ranges when writing. In the past 14 hours, the coin is relatively stable, adding six percent week-to-date. Based on the BTCUSDT candlestick arrangement, the immediate resistance level is around $25.3k, marking last week's highs. Despite the recent retracement, BTC prices are within a rising channel, above critical support, and bullish from an effort versus results perspective, at least in the immediate term.
Bitcoin Technical Analysis
Per the formation in the daily chart, BTC is consolidating in lower time frames and is technically bullish. Since the trend is defined and the uptrend is valid from a volume analysis, aggressive traders can load the dips above $22.5k and $23k in the immediate term. This preview will remain valid provided bears don't flow back, crashing below July 27 lows in subsequent sessions. Considering the general sentiment and trader apprehension, conservative market participants can wait for a clear break above $25.3k before initiating longs on every pullback as a cautionary approach. In that case, BTC may fly to $28k in a bull trend continuation. Meanwhile, aggressive traders can buy on dips, targeting $25.3k in the short term. If today’s gains are reversed and prices slip below the middle BB and $22.5k, BTC could drop to $21k and $20k.
What to Expect from BTC
Generally, traders are upbeat, expecting more gains in the medium term, reflecting gains of early August and late July 2022. A close above recent liquidation zones may open up more opportunities for optimistic bulls aiming at $30k-or better in the next few weeks.
Resistance level to watch: $25.3k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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