Bitcoin Technical Analysis Report  | 11th- July-2022

Bitcoin is moving towards retesting its lower levels, and this could help some altcoins like UNI and AAVE have a breakout. Over the weekend, the asset has lost its ground as investors remain cautious about US consumer inflation data due July 13. Analysts expect CPI in June to be above May’s 8.6% level. Due to macro uncertainty, investors are not confident that the correction is over. Readings from the Reserve Risk, which measures long-term investor sentiment, fell to a new record low in July. BTC’s dominance is around 42.8%, trading over a 7% increase. 

 At the time of writing, BTC was trading at $20650.

Bitcoin (BTC) chart
Bitcoin (BTC) Chart

BITCOIN made double Doji candles at $19,000 and started to move up with low volumes and made a weekly high of $22,527. The asset faced stiff resistance at $23,000 and again made two back-to-back Doji candles around the resistance indicating indecision in the trend. Bitcoin has strong support at $17,000 whereas $23,000 will act as a strong resistance. Breakouts on either side of the range will decide the further trend for the asset. A flat Moving Average and RSI around 50 indicate a neutral stance for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
Bitcoin (BTC) Chart

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