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

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