Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend
Author: Sahana VibhuteAug 4, 2022 20:11
Sahana Vibhute
Author
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.
Bitcoin (BTC) Price Analysis
BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel
The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation
However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend
As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback
Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600
Bitcoin (BTC) Technical Analysis
Technical Indicators
Technical Indicators
Value(STF/HTF)
Action (STF/HTF)
Relative Strength Index(RSI)
44.18 / 53.38
Sell / Neutral
MACD
-47.10 / 515.6
Sell / Buy
Average Directional Index(ADX)
33.79 / 18.45
Buy / Neutral
Average True Value(ATR)
158.79 / 1009.29
Less Volatility / Less Volatility
Bull-Bear Power
31.33 / 421.20
Buy / Buy
Pivotal Levels
Pivotal Levels
Short Term
Long Term
Resistance
$23,547.12
$24,206
Support
$22,682.42
$20,691
Moving Average(MA)-50
$23,804.9
$21,343.3
Moving Average(MA)-200
$23,303.3
$33,657.8
Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.