Technical Analysis for BTCUSD for 21st July 2022
Bitcoin in a Breakout Formation, will BTC Bulls Reject $22k?
Past Performance of BTC
The Bitcoin price is within a bullish breakout formation as per the candlestick arrangement in the daily chart. All the same, prices have contracted even after solid gains in the first half of the week. Since buyers have sustained prices above $22k and within the July 19 bar, the path of least resistance remains northwards in the short to medium term.
Bitcoin Technical Analysis
As per the BTCUSDT pattern in the daily chart, buyers have the upper hand despite the contraction of July 20. Because prices are inside the bullish bar of July 19 and volumes of the wide-ranging bar are relatively high, every low above the $22k mark may present loading opportunities for aggressive traders. Their immediate target will be yesterday's highs of around $24.5k, as buyers anticipate more gains in the subsequent session following the surge above the bear flag. Supporting this preview is that the July 19 bar is riding the upper BB, signaling high upside momentum. Even so, sharp losses reversing recent gains and pushing prices below $22k will nullify the bullish preview, swinging price action back to favor bears.
What to Expect from BTC
Prices are bottoming up and above the bear flag. By adding roughly 30 percent from 2022 lows, buyers are still in control. They will cement their position if there are notable gains above the $24k level.
Resistance level to watch: $28k
Support level to watch: $22k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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