Technical Analysis for BTCUSD for 29th July 2022
Bitcoin Bulls Blooming, is BTC Back on Track to $30k?
Past Performance of BTC
The confirmation of July 27 gains yesterday hints that Bitcoin buyers are determined and the short to medium-term macro conditions support bulls. Currently, BTC is up four percent against the USDT and is likely to blast above $24.3k in the short term as prices bottom up after steep losses in H1 2022.
Bitcoin Technical Analysis
Presently, prices are firm and buyers are confident, boosted by improving trader sentiment and changing macro factors. Amid this revival, BTC traders may find entries to double down provided prices trend above the $22k reaction level. Alternatively, a solid close above $24.3k may provide an impetus for the next leg up with targets at $28k and later $30k. This outlook will change should BTC tank below $20k, unwinding the reinvigorating gains of July 27.
What to Expect from BTC
From the BTCUSDT price chart, buyers are upbeat and the short-term trend is defined. Further gains will lift BTC to new July 2022 highs, setting the stage for a possible rally back to early June 2022 territory.
Resistance level to watch: $24.3k
Support level to watch: $22k
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.
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.