Published 3 hours ago
Bitcoin price analysis (BTC) suggests a decline in upside momentum. As the BTC buyers manage to stay above the $23,000 mark, it indicates the underlying bullish sentiment in the coin. As of press time, BTC/USD is trading at $23,168, down 0.65% for the day, while 24-hour trading volume is down nearly 9% at $24,224,348,018. The recent action in price and volume reflects a weak movement for the day.
Bitcoin’s current market setup shows that the price will continue its upward momentum.
- Bitcoin price remains on the sidelines as the weekend begins
- A daily candlestick above 23,500 will bring more buying interest in BTC/USD.
- Failure to sustain the 20-day EMA at $22,711 would invalidate the bullish argument.
BTC price maintains upside momentum
BTC is currently trading in an ascending channel, making higher highs and higher lows on a daily basis. Recently, from July 29 to August 4, the price reversed after giving an impulse move earlier. Retracement means short-term reversal, which lasts no longer than one to two weeks. This corrective retracement pauses at the 50% Fibonacci retracement, which is a excellent tool for calculating the extent of a retracement. In the previous session, we have seen a good upside movement from the 50% fib. The levels, which indicate the continuation of a previous trend, are still intact, which is a sign of bullishness.
The price gave a close over the last four days, indicating positivity near lower levels shows buying interest at corrective level.
The participation of more buyers would push the price towards the psychological level of $24,000. Furthermore, a takeout of the short-term resistance zone at $24,200 will open the gates for the $26,000 level.
On the downside, a failure to sustain the $23,000 level would face the $22,600 support.
The RSI is trading above 50, which indicates that the average gain is greater than the average loss. This can be concluded that it is in an upward trend and offers buying opportunities.
The BTC price on the hourly chart is about to make several bullish breakouts at the same $23,655 level. Price has formed a bullish “Flag and Bar” pattern, along with an inverse “Head and Shoulders” pattern, showing great strength. According to this pattern, if the price breaks the neck of the higher level above $23,655 with good volumes, the expected upside, BTC price can go above $24,250 to $24,650.
On the other hand, a break below the $22,600 level could invalidate the positive outlook. And the price could be under $22,200.
BTC is bullish on all time frames. Above $23,650 at the close of the hourly time frame, we can place a trade on the Buy side.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.