This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 27th July 2022

Bitcoin Forms a Bull Trap, BTC Prices May Drop to 2022 Lows



Past Performance of BTC

Bitcoin is relatively weak at spot rates, dumping 13 percent from recent peaks as sellers flow back. As per the arrangement in the daily chart, the recent break above $23k is turning out to be a bull trap considering the rapid sell-off of July 26. If sellers press on today, BTC may drop to $18.8k in a retest, dashing bulls' hopes.


Bitcoin Technical Analysis

Currently, BTC is steady, hovering at yesterday’s close in a bear formation. Notably, prices are at the 61.8 percent Fibonacci retracement of the trading range from July 13 to 20. Historically, crypto price corrections tend to force prices towards the 78.6 percent price level from peaks. This reaction point flashes with the $20k level as per the BTCUSDT arrangement in the daily chart. Therefore, considering the dump on July 26 with high trading volumes, traders may find entries on every attempt higher on lower time frames with targets at $20k and later $18.8k if sellers follow through.


What to Expect from BTC

The path of least resistance in the short to medium term is southwards. As such, bears have their eyes on $20k unless there is a shift in trend above $22k and, on the safe side, $23k. Accordingly, traders may find entries on every pullback to unload, targeting 2022 lows and riding the current sell-off.


Resistance level to watch: $22k

Support level to watch: $20k


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

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Amsa LLC (CryptoAltum) 2020