Will BTC Price Able To Add More Gains Above $24,000?


Published 46 mins ago

The Bitcoin price analysis shows a positive outlook for the day. The largest cryptocurrency by the market cap started the new series on a lower note as it remained pressured below the highs of July 30 at $$24,672.87. The price tested the reliable support around $22,650 multiple times. Even, in today’s session, the BTC price tested the same support level. But recovered sharply above $23,500.

On the four chart, the BTC price is displaying some bullish moves. But, the upside is capped near the $24,190 level. Hence, in the short-term BTC consolidate in the price range of $22,600 to $24,200.

It would be interesting to find out the directional bet of the breakout of the trading range.

As of writing, BTC/USD is exchanging hands at $23,509, up 2.36% for the day. According to the CoinMarketCap data, the largest cryptocurrency by the market cap holds the 24-hour trading volume at $26,881,814,757 with a loss of 8%.

BTC price extends consolidation

Source: Trading view

BTC price is trading along the ascending trend line from the lows of $20,730. After retracing from the swing highs of $24,666, the price takes well to support the critical 20-day and 50-day EMA crossover. As a result, the price manages to trade above the $23,500 level.

We expect BTC to hit the upper range of the defined trade range of $22,600 and $24,200 on the four-hour chart. More upside gains are possible if fresh buying emerges near the upper trading level. In that case, the next upside target for BTC buyers would be $26,000.

On the other hand,  a break below $22,950 would mark the breach of the bullish trend line. Next, the stoppage would be $22,600 for the bears.

The RSI (14) holds above the average line with a bullish bias. Currently, it reads at 53.

Another momentum oscillator, the Moving Average Convergence (MACD) hovers just below the midline but in a good attempt to cross. An increasing bullish momentum as indicated by the histogram signaling a favorable situation for the bulls.

Source: Trading view

On the hourly time frame, the price formed a “Double Bottom pattern” indicating strong support near the lower levels. According to this pattern, if the price breaches the neckline above the  $23,520 mark with good volumes, then the  BTC price might test the  $23,900 to $24,100 resistance zone.

On the other hand, a break below the $22,650 level could invalidate the bullish outlook. And the price can slide up to  $22,100.

BTC/USD has often witnessed large price swings, gaining meaningful follow-through action once a clear direction has formed.

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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