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Technical Analysis for BTCUSD for 20th July 2022

Bitcoin Bulls Clear Critical Resistance Levels, BTC May Retest $28k

Past Performance of BTC

Bitcoin bulls are in the driving seat, surging when writing. Notably, BTC is trading above the $23k level as prices recover from 2022 lows. Since bulls have cleared two critical resistance levels (now support), the tide appears to be changing. Subsequently, risk-off traders can buy the dips in a bullish breakout formation targeting $28k in the short term.

Bitcoin Technical Analysis

BTC candlestick arrangement favors buyers at spot rates. The spike to above $23k on July 19 was marked by high trading volumes and a bullish engulfing bar, indicating confidence. Therefore, since the trend is defined and BTC prices are above the bear flag clear in the daily chart, there could be an opportunity for traders to ramp up, targeting $28k in the medium term. This bullish preview is, however, valid as long as prices are held above the $22k support.

What to Expect from BTC

Buyers have the upper hand at spot rates, breaking above the $22k and $23k in quick succession. As price action is defined and Bitcoin bottoms up from 2022 pits, aggressive traders could have more headroom in the short term.

Resistance level to watch: $28k

Support level to watch: $22k

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

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