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Technical Analysis for BTCUSD for 19th July 2022

Bitcoin Breaks out after Ranging, BTC Buyers Target $23k

Past Performance of BTC

The Bitcoin price is firm at spot rates, adding double digits in the past trading week and notably above the primary liquidation level at $22k. Since the break above $22k is with increasing trading volumes validating the bullish engulfing bar of July 13, traders may search for entries in lower time frames. With this, buyers appear to be in control, and prices are trending above a critical reaction level, signaling strength in the short term.

Bitcoin Technical Analysis

Currently, BTC prices are turning the tide, bottoming up after strings of discouraging lower lows. As bulls take charge, unwinding losses and thrusting prices back to the first half of the June 2022 zone, aggressive traders may search for entries. Thus far, BTC prices appear to be aligning with the upper BB, a hint of strength, suggesting strength with further supporting confirmation being the wide-ranging, bullish breakout bar of July 18. The immediate target will be $23k, the main trigger line, and later $27k, the June 2022 highs.

What to Expect from BTC

Buyers are confident, and price action is relatively firm after deep losses. Since the immediate term trajectory is emerging to be bullish with decent participation, traders may find loading opportunities only valid above the $19.5k support level.

Resistance level to watch: $23k

Support level to watch: $19.5k

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

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