Past Performance for Bitcoin
Bitcoin prices could add to their gains, as per the formation in the daily chart. The coin is steady on the last trading day, adding four percent week-to-date. After a brief consolidation in the second half of last week, spilling over the weekend, BTC rose on August 8. With prices strengthening, buyers will likely push the coin above $24k, re-invigorating optimistic traders aiming for $28k or better in the medium term.
#Bitcoin Technical Analysis
The BTC bullish breakout of late July 2022 is valid at spot rates. Technically, the retracement of prices from recent peaks to slightly below $23k indicates that the retest is complete. Currently, the third phase of a breakout formation, the bullish continuation stage, could be in development. Aggressive traders may load the dips above $22.7k and $23k, targeting $24.5k and later $28k. On the other hand, gains above $24.5k and July 2022 gains may trigger another wave of higher highs towards $28k in confirmation of the July 27 and 28 breakout.
What to Expect from #BTC?
Buyers are upbeat when writing, expecting more gains. However, a close above $24.5k with rising volumes may draw even more buyers, with the resulting demand initiating the next leg up. Any rejection below $22.7k would slow the wave higher, invalidating the gains of late July 2022.
Resistance level to watch out for: $24.5k
Support level to watch out for: $22.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices could add to their gains, as per the formation in the daily chart. The coin is steady on the last trading day, adding four percent week-to-date. After a brief consolidation in the second half of last week, spilling over the weekend, BTC rose on August 8. With prices strengthening, buyers will likely push the coin above $24k, re-invigorating optimistic traders aiming for $28k or better in the medium term.
#Bitcoin Technical Analysis
The BTC bullish breakout of late July 2022 is valid at spot rates. Technically, the retracement of prices from recent peaks to slightly below $23k indicates that the retest is complete. Currently, the third phase of a breakout formation, the bullish continuation stage, could be in development. Aggressive traders may load the dips above $22.7k and $23k, targeting $24.5k and later $28k. On the other hand, gains above $24.5k and July 2022 gains may trigger another wave of higher highs towards $28k in confirmation of the July 27 and 28 breakout.
What to Expect from #BTC?
Buyers are upbeat when writing, expecting more gains. However, a close above $24.5k with rising volumes may draw even more buyers, with the resulting demand initiating the next leg up. Any rejection below $22.7k would slow the wave higher, invalidating the gains of late July 2022.
Resistance level to watch out for: $24.5k
Support level to watch out for: $22.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.