Bitcoin Holds above $22,792 as Bulls and Bears Reflect the Next MoveAugust 4, 2022
Bitcoin (BTC) has fallen for the second time after failing to break above the upper resistance level of $24,000. The largest cryptocurrency has fallen to the low of $22,792.
There is a probability that Bitcoin will hold above the current support. In other words, the uptrend will continue if the price holds above the moving average lines. A rebound will catapult Bitcoin above the overriding resistance of $24,000. The bullish momentum will extend to the high of $28,000. However, if the bears break below the current support, the cryptocurrency will retake the previous low at $20,724. At the time of writing, Bitcoin is trading at $22,974.
Bitcoin indicator reading
Bitcoin price is at level 53 of the Relative Strength Index for the period 14. Bitcoin is trading in the bullish trend zone as it finds support above the moving average lines. The uptrend could continue if the BTC price holds above the moving average lines. The cryptocurrency is above the 50% area of the daily stochastic. The market is resuming its bullish momentum. The 21-day line SMA and the 50-day line SMA are still in a downtrend, indicating a downtrend.
Key Resistance Zones: $30,000, $35,000, $40,000
Key support zones: $25,000, $20,000, $15,000
What is the next direction for BTC?
Bitcoin has pulled back above the moving average lines as bulls and bears ponder the next move. BTC price will rise again if it holds above the moving average lines. Likewise, selling pressure will resume if the price falls below the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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