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
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.
Support 2Support 1AssetResistance 1Resistance 2$20,000$23,000BTC$28,500$32,500
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 cryptocurre ncies 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.