Bitcoin Technical Analysis Report | 01st-August-2022

BTC consolidation has opened the door to higher trading for BNB, UNI and other altcoins. Bitcoin (BTC) staged a strong comeback in July and is on course to post its best monthly gains since October 2021. The strong recovery in bitcoin and several altcoins brought the Crypto Fear and Greed Index to 42/100 on 30th July. Its highest level since April 6th. The US Federal Reserve’s cue to consider meeting-to-session rate hikes could set the stage for Bitcoin to outperform most assets. It is said that risk vs reward was favourable for one of the largest bull markets in history.

At the time of writing BTC was trading at $23,325.

Bitcoin (BTC) Chart | 01st August 2022
Bitcoin (BTC) Chart

BITCOIN after consolidating in a range from $18,000 to $23,000 gave a breakout on the up side on 19th July and made the high of $24,287. The asset witnessed some profit booking and started to trade in a ‘Falling Channel’ pattern. Last week, BTC made a ‘Dragonfly Doji’ candle at the support of the channel and resumed its up-move making the  weekly high of $24,666. The asset is trading above the support of $23,000 (Horizontal Trendline & 20 Day Moving Average). If it sustains above the support then we can expect the prices to further rally up to $28,500 whereas if it breaks and closes below $23,000 then it can drop to $20k.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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