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Technical Analysis for BTCUSD for 22nd July 2022

Bitcoin is Firm, BTC May Register New Weekly Highs above $24.4k

Past Performance of BTC

In the past 24 hours, BTC is stable, rejecting bear attempts for lower lows. At spot rates, Bitcoin is also trending above the primary support, former resistance, at $23k, with the July 21 bar closing with a long lower bar. This signals increasing demand for the coin in the last trading session, a move that could spill to support today's prices.

Bitcoin Technical Analysis

Technically, Bitcoin is still within a bullish formation pattern following gains on July 19. Besides, since prices are still within the July 19 trade range, traders may search for entries on every correction with targets at $28k in the medium term. This preview is valid from a volume analysis perspective and has been confirmed with the rejection of lower prices on July 21. Any spike above $24.4k may trigger more demand for BTC, accelerating the leg up.

What to Expect from BTC

Bulls are currently in control and the trading sentiment is shifting to favor the upside following refreshing gains this week. If there is a follow-through of mid-week, BTC may soar to $28k or better. Meanwhile, an unexpected dump below $23k and $22k will nullify this bullish forecast.

Resistance level to watch: $24.4k

Support level to watch: $22k

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

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