Bitcoin(BTC) Price Analysis: These May be the Price Targets for the Weekend

Time Stamp: August 4, 2022 10:41 AM
Source Node: 1609077
btcbulls

Bitcoin(BTC) pierce at the press time is trading around $23,088.04 with a drop of 1.82% in the past 24 hours. While the asset has recorded marginal gains in the past 7 days of 0.24% and surged more than 17.93% in the past 30 days. The market cap is also heading strongly towards $450 billion, currently residing at $441.25 billion with a daily trading volume of $24.36 billion.

Bitcoin (BTC) Price Analysis

BITCOIN
  • BTC price ever since dropped hard during the mid-June rebounded and trading within ascending parallel channel
  • The asset experienced a couple of rejections, in attempting to breakout form the parallel consolidation
  • However, the asset appears to have halted just before reaching the middle bands of the channel and hence may flip and reach the resistance close to $25,000 until the weekend
  • As the price reaches close to these levels, the fear of rejection may haunt the rally and hence if the bulls maintain their stability, then the asset may bounce back after a brief pullback
  • Therfore, by the end of the week, the BTC price is expected to surge beyond the local highs at $24,600

Bitcoin (BTC) Technical Analysis

Technical Indicators

Technical Indicators Value(STF/HTF) Action (STF/HTF)
Relative Strength Index(RSI) 44.18 / 53.38 Sell / Neutral
MACD -47.10 / 515.6 Sell / Buy
Average Directional Index(ADX) 33.79 / 18.45  Buy / Neutral
Average True Value(ATR) 158.79 / 1009.29 Less Volatility / Less Volatility
Bull-Bear Power 31.33 / 421.20  Buy / Buy

Pivotal Levels

Pivotal Levels Short Term Long Term
Resistance $23,547.12 $24,206
Support $22,682.42 $20,691
Moving Average(MA)-50 $23,804.9 $21,343.3
Moving Average(MA)-200 $23,303.3 $33,657.8

Bitcoin’s (BTC) price is extremely bearish in the short term as most of the indicators are pointing towards a ‘Sell’ signal. However, the asset is expected to stabalize in the next couple of weeks as the long-term projections display a neutral behaviour.

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