Posted 6 hours ago
Bitcoin (BTC) price analysis suggests a slowdown in bullish momentum. As BTC buyers manage to stay above the $23,000 mark, it indicates the underlying bullish sentiment in the coin. At press time, BTC/USD is trading $23,168, down 0.65% on the day, while 24-hour trading volume falls nearly 9% to $24,224,348,018. Recent price action and volume reflects lackluster movement for the day.
The current Bitcoin market setup shows that the price would continue its upward momentum.
- Bitcoin Price Remains Sidelined as the Weekend Begins
- A daily candle above 23,500 would instill more buying interest in BTC/USD.
- Failure to hold the 20-day EMA at $22,711 would invalidate the bullish argument.
BTC price maintains bullish momentum
BTC is currently trading in an ascending channel, with higher highs and higher lows on a daily basis. Recently, from July 29 to August 4, the price pulled back after gaining momentum earlier. The recoil means sshort-term reversal, lasting no more than a week or two. This corrective retracement pauses at the 50% Fibonacci retracement, which is a excellent tool for calculating the range of a recoil. In the previous session, we saw a nice move up from the 50% fib. The levels, which indicate the continuation of a previous trend, remain intact, which is a sign of optimism.
Price closed above the last four days, indicating positivity near lower levels. showing buying interest at the corrective level.
The participation of more buyers would push the price towards the psychological level of $24,000. Furthermore, a breakout of the short-term resistance zone at $24,200 will open the doors for the $26,000 level.
On the other hand, a failure to hold the $23,000 level would find support at $22,600.
The RSI is trading above 50, which indicates that the average gain is greater than the average loss. This can conclude that it is in an uptrend and offers buying opportunities.
BTC price on the hourly chart is about to take multiple bullish breakouts at the same level at $23,655. The price has formed a bullish “Flag and Pole Pattern”, along with an inverted “Head and Shoulders Pattern”, which shows great strength. According to this pattern, if the price breaks its neckline at the upper level above $23,655 on good volumes, then the expected upside, the price of BTC can go from $24,250 to $24,650.
On the other hand, a break below the $22,600 level could invalidate the bullish outlook. And the price may be less than $22,200.
BTC is bullish on all time frames. Above $23,650 closing on the hourly time frame, we can put a trade on the Buy side.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.