Bitcoin Price Rallies 21%, BTC May Retest $28k
Past Performance of Bitcoin
Bitcoin bulls are in the driving seat, surging when writing. Notably, BTC is trading above the
23K level as prices recover from 2022 lows. Since bulls have cleared two critical resistance levels (now support), the tide appears to be changing. Subsequently, risk-off traders can buy the dips in a bullish breakout formation targeting 28k in the short term.
#Bitcoin Technical Analysis
BTC candlestick arrangement favors buyers at spot rates. The spike to above23K on July 19 was marked by high trading volumes and a bullish engulfing bar, indicating confidence. Therefore, since the trend is defined and BTC prices are above the bear flag clear in the daily chart, there could be an opportunity for traders to ramp up, targeting 28k in the medium term. This bullish preview is, however, valid as long as prices are held above the 22k support.
What to Expect from #BTC?
Buyers have the upper hand at spot rates, breaking above the 22k and23K in quick succession. As price action is defined and Bitcoin bottoms up from 2022 pits, aggressive traders could have more headroom in the short term.
Resistance level to watch out for: 28k
Support level to watch out for: 22k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin bulls are in the driving seat, surging when writing. Notably, BTC is trading above the
23K level as prices recover from 2022 lows. Since bulls have cleared two critical resistance levels (now support), the tide appears to be changing. Subsequently, risk-off traders can buy the dips in a bullish breakout formation targeting 28k in the short term.#Bitcoin Technical Analysis
BTC candlestick arrangement favors buyers at spot rates. The spike to above
23K on July 19 was marked by high trading volumes and a bullish engulfing bar, indicating confidence. Therefore, since the trend is defined and BTC prices are above the bear flag clear in the daily chart, there could be an opportunity for traders to ramp up, targeting 28k in the medium term. This bullish preview is, however, valid as long as prices are held above the 22k support.What to Expect from #BTC?
Buyers have the upper hand at spot rates, breaking above the 22k and
23K in quick succession. As price action is defined and Bitcoin bottoms up from 2022 pits, aggressive traders could have more headroom in the short term.Resistance level to watch out for: 28k
Support level to watch out for: 22k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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