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Technical Analysis - Crypto: Bitcoin Price (BTC/USD) - 23/07/22

Bitcoin

www.fxmag.com 23 July 2022 12:52, UTC
  
Reading time: ~3 m

Relevance up to 13:00 2022-07-24 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 23.07.2022 analysis

Trading BTC/USD :

The bullish trend is currently very strong on BITCOIN - BTC/USD. As long as the price remains above the support levels of 22k, 21k, you could try to benefit from the growth.

The first bullish objective is located at the price of 23,085 USD. The bullish momentum would be boosted by a break in this resistance (23,085 USD).

The hourly chart is currently still bullish. At the same time, some stabilization tendencies are visible between 22,217 USD and 24,264 USD.

Together with the relatively large distance to the fast-rising 100-day moving average (22,2172 USD), there are some arguments for a relief rally in coming months on the table.

Bitcoin is at highest against the dollar around the spot of 22,2172 USD since two weeks - Bitcoin is inside in upward channel. Since three weeks BTC/USD decreased within an up channel, for that Bitcoin its new highest 22,2172 USD.

Consequently, the first support is set at the level of 22,2172 USD. Hence, the market is likely to show signs of a bullish trend around the area of 22,2172 USD.

Our sentiment on BTC/USD - Bitcoin US Dollar :

- Short term : Bullish market in short term.

- Tacit : Bullish market in long term.

Buyers would then use the next resistance located at 23,085 USD as an objective. Crossing it would then enable buyers to target 24,264 USD (the double top - last bullish week).

Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term.

If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.

Bitcoin price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of 24,264 USD (Horizontal balck line).

The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of 22,2172 USD and 24,264 USD.

BITCOIN - BTC/USD rating 22,475 USD. On the day, this instrument gained about +2% and was traded between 22,217 USD and 24,264 USD over the period. The price is currently at +2% from its lowest and -1% from its highest.

Conclusion :

If the BTC/USD fails to break through the support prices of 22,217 USD today, the market will rise further to 23,085 USD so as to try to break it.

Bitcoin is one the best overall investment for July, 2022. However, if you want to try to improve the growth of Bitcoin, thus it seems great to buy above the last bearish waves of 23,085 USD.

Re-buy orders are recommended above the majors sypport rates of (23,085 USD) with the second target at the level of 24,264 USD. Furthermore, if the trend is able to breakout through the second resistance level of 24,264 USD.

We should see the pair climbing towards the next target of 24,264 USD The pair will move upwards continuing the development of the bullish trend to the level $24,264 USD.

It might be noted that the level of 24,264 USD is a good place to take profit because it will form a new double top in coming hours.

The general bullish opinion of this analysis is in opposition with technical indicators.

As long as the invalidation level of this analysis is not breached, the bullish direction is still favored, however the current short term correction should be carefully watched. The bulls must break through 23,085 USD in order to resume the up trend.


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