Bitcoin Technical Analysis Report | 08th August 2022

If Bitcoin breaks out of the resistance of $24,668, then we can witness the rally of certain altcoins like THETA, FLOW and MKR. If the close correlation between stock markets and  crypto markets continues, the rally in crypto markets could have more room. On-chain monitoring resource Material Indicators said in a Twitter update on Aug 5 that if Bitcoin (BTC) breaks above $25,000, there will be no major resistance until the $26,000-$28,000 range. The prices have gone up by around 4% and the volume has gone up by 31%. The dominance of BTC is currently around 40.7% .

At the time of writing BTC was trading at $23,350.

Bitcoin Chart | 8th August 2022
Bitcoin (BTC) Chart

BITCOIN continues to trade sideways in a narrow range between $22,500 to $23,500 with thin volumes and is hovering around its 20 Day Moving Average over the past few days. On a daily time frame, the asset is facing stiff resistance at $24,500. Once it breaks and gives a daily closing above the resistance, we can expect the prices to further rally up to $28,000. The declining volumes, flattened moving average and RSI around 50 indicate indecision and a neutral stance on the asset. Bitcoin has a strong support at $20,500 and $17,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$17,500$20,500BTC$24,500$28,500

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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