Bitcoin Wavy but will BTC Bulls Break $24.5k?
Past Performance of Bitcoin
Bitcoin prices are wavy when writing, dropping four percent in the last trading week. As from the arrangement in the daily chart, the coin is steady above the 22.7k primary support and July 28 lows, recovering after losses of August 4.
#Bitcoin Price Analysis
Bears have the upper hand from the top down analysis, and the coin may drop in the days ahead if buyers don’t follow through on today’s gains. Currently, as buyers reject lower prices, it is imperative that buyers force the coin above the 24.5k level for trend continuation. Meanwhile, if bears flow back and take charge, the immediate sell target will be at 21k or July 27 lows. If sellers further press on and break below the ascending channel, the coin could plummet to 18.8k in a bear continuation formation, confirming losses of mid-June 2022.
What to Expect from #BTC?
The Bitcoin tide will only change for the better once there are sustained gains above 24.5k in a breakout above the rising channel. Any confirmation of August 4 losses below 22.7k may weigh negatively on optimistic bulls, possibly forcing BTC towards 2022 lows.
Resistance level to watch out for: 24.5k
Support level to watch out for: 22k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are wavy when writing, dropping four percent in the last trading week. As from the arrangement in the daily chart, the coin is steady above the 22.7k primary support and July 28 lows, recovering after losses of August 4.
#Bitcoin Price Analysis
Bears have the upper hand from the top down analysis, and the coin may drop in the days ahead if buyers don’t follow through on today’s gains. Currently, as buyers reject lower prices, it is imperative that buyers force the coin above the 24.5k level for trend continuation. Meanwhile, if bears flow back and take charge, the immediate sell target will be at 21k or July 27 lows. If sellers further press on and break below the ascending channel, the coin could plummet to 18.8k in a bear continuation formation, confirming losses of mid-June 2022.
What to Expect from #BTC?
The Bitcoin tide will only change for the better once there are sustained gains above 24.5k in a breakout above the rising channel. Any confirmation of August 4 losses below 22.7k may weigh negatively on optimistic bulls, possibly forcing BTC towards 2022 lows.
Resistance level to watch out for: 24.5k
Support level to watch out for: 22k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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