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Technical Analysis for BTCUSD for 28th July 2022

Bitcoin Momentum Shifts, BTC Buyers Aiming for $24k



Past Performance of BTC

Bitcoin prices exceeded trader expectations on July 27 when the coin soared 10 percent versus the USDT, reversing from lows of around $20.8k. From the daily chart, the coin is trading above $23k and is back into the rising channel above the critical $22k level. If bulls of July 27 flow back, Bitcoin would have completed the retest of the previous resistance-turned-support, and the coin may reclaim last week's highs.


Bitcoin Technical Analysis

After disappointing losses in the first half of the week, Bitcoin bulls have their groove back on after gains on July 27. At spot rates, bulls are back in contention and the upside firm. Since losses of July 26 were fully reversed and prices back above $22k, aggressive traders may load the dips with tight safety nets below yesterday's bullish engulfing bar. The immediate target would be $24k, registered last week. Conversely, if there is heightened volatility today, any dips below $22k would pour cold water on bullish advances.


What to Expect from BTC

BTC prices have been volatile, and the crypto community was generally apprehensive, unwilling to commit because of fundamental factors. However, with the news out and prices unexpectedly pumping, there could be more upsides for BTC in the days ahead.


Resistance level to watch: $24k

Support level to watch: $22k


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

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