BTC Still Not Out Of Wood As Struggles Near $23,000

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Published 52 mins ago

Bitcoin price analysis shows a neutral outlook. As the price continues to consolidate near the $23,000 mark. The extended consolidation makes investors nervous as the fight between bulls & bears continues. The largest cryptocurrency by the market cap trades with modest gains on Wednesday. As of writing, BTC/USD trades at $22,889, up 0.31%. The bulls failed to capitalize on the late buying in the previous session. And, trades in $23,200 and $22, 800 narrow trading range.

On the daily chart, the price retraced after testing the highs and continued its upward journey. On July 8 and July 20 the price tested fresh highs and immediately fell into a corrective pullback. We can see the replication of the previous price pattern. After testing, the swing highs of $24,666 on July 30, BTC faced a pullback. Further, the price could correct up to $22,500. That could be a discount buying opportunity.

  • Bitcoin price offers no surprises as it remained offered near $23,000.
  • A bounce back is expected if the bulls manage to hold $22,800-$22,500 support zone.
  • However, a fall out below $22,200 would invalidate any bullish argument.

BTC price displays consolidation

Source: Trading view

BTC price is trading in an ascending channel, making higher highs and higher lows on a daily basis. Currently, the price is hovering near the 20-day EMA for the last three days. Thus, making it a crucial level to trade.

After giving an impulse move from $20,700 to $24,670, BTC’s price takes a retracement from a higher level to the 50% Fibonacci level, which is at $22,700. 

The daily chart shows BTC’s price makes a crucial support zone that extends from $22,700 to $22,500. At the same time, the nearest resistance is at $23,200.  If the price is able to close above  $23,200, with good volumes then we can expect a good to bullish momentum up to the highs at $24,600.

On the contrary, a spike in sell orders could blow out the low of July 24 at $22,260. On moving lower, the sellers could test $21,500.

Source: Trading view

On the hourly time frame, the price formed a “Triple Bottom pattern” indicating strong support on lower levels. According to this pattern, If the price breaks its neckline on the higher level above $23,200 with good volumes, then the expected upside momentum in  BTC price can go above $23,500 to $23,750. 

On the other hand, a break below the $22,650 level could invalidate the bullish outlook. And the price can be below $22,200

BTC is bullish on all time frames. Above $23,200  closing on the hourly time frame, we can put a trade on the buy side. 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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