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Bitcoin Rebounds as It Attempts to Breach the $24,000 Overhead Resistance

Bitcoin

coinidol.com 08 August 2022 12:17, UTC
  
Reading time: ~2 m

Bitcoin (BTC) price has regained bullish momentum as it moves positively higher. On August 4, BTC fell to a low of $22,390 as bulls bought the dips.

Bitcoin rises to retest or break above resistance at $24,000. Assuming Bitcoin rises and breaks through resistance at $24,736, it will rally to the high of $28,000. 

Then, the bullish momentum will extend to the high of $30,000 or $32,000. On the other hand, if Bitcoin leaves the resistance at $24,000 to the upside, it will fall and continue its movement between $22,300 and $24,700. However, if Bitcoin falls and breaks below the moving average lines, it will continue to fall to the low of $20,724. 

Bitcoin indicator reading

Meanwhile, Bitcoin is at level 55 of the Relative Strength Index for period 14, indicating that Bitcoin is in the bullish trend zone and could continue to rise. The crypto price is holding above the moving average lines, indicating further upward movement of Bitcoin. The cryptocurrency is above the 70% area of the daily stochastic. The market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.

Technical Indicator:      

Key Resistance Zones: $30,000, $35,000, $40,000

Key Support Zones: $25,000, $20,000, $15,000 

What is the next direction for BTC?

Bitcoin has resumed its upward movement as it targets the overriding resistance level of $24,000 once again. This is the third attempt to break through resistance at the $24,000 high. A price move above the current support is enough to break the overriding resistance. The largest cryptocurrency is expected to reach the high of $32,000.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.


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