Technical Analysis for BTCUSD for 25th July 2022
Bitcoin Recoils, BTC is within a Bear Flag Breakout Pattern
Past Performance of BTC
After comforting gains on July 24, Bitcoin prices fell on early July 25 below $22k but remained within the July 18 bull bar in a bullish breakout formation above the bear flag. BTC is currently down four percent versus the USDT on the last trading day, slightly below the $22k primary support. Considering the formation of BTC prices and the rejection of lower lows over the weekend, traders may buy the dips at spot rates or at around July 18 lows in anticipation of buy trend continuation.
Bitcoin Technical Analysis
From a top-down analysis, Bitcoin is bearish. However, the surge above $23k to $24k last week forced the coin above a multi-week trade range and bear flag. Even so, at spot rates and BTC at around the $22k primary support within the July 18 bull bar, there could be a chance for aggressive BTC bulls to buy on dips, provided today prices float above $22k. On a more cautious approach, traders may wait and find entries above last week's highs at $24k. The spike above $24k would confirm buyers of July 18 from an effort versus result perspective, setting the base for another leg up towards $28k in the medium term. Conversely, if bears press on, pinning BTC below $22k by today’s close, the odds of prices slumping back towards $20k—or lower, would be elevated.
What to Expect from BTC
Though prices appear to be trending higher, upcoming macro events may counter the current solid momentum. Even so, if BTC steadies above $22k and $20k, bulls would still stand a chance in the medium term.
Resistance level to watch: $23k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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