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Bitcoin price moves toward $24K and traders expect further upside, after a support retest



Crypto followers are rejoicing on the sight of inexperienced throughout the market on July 19 because the months of “down only” price motion has lastly come to an finish after the market flashed its first substantial reduction rally in a minimum of a month. 

Information from Cointelegraph Markets Professional and TradingView reveals that a lot of the newfound pleasure is the results of Bitcoin (BTC) breaking above resistance at $23,000 to hit a every day excessive of $23,447, its first significant transfer above the 200-week shifting common.

BTC/USDT 1-day chart. Supply: TradingView

Whereas many have been fast predict a climb to the mid-$30,000 vary, a few analysts warning that it may very well be one other fakeout pump. Let’s take a take a look at traders’ views on Bitcoin’s transfer toward $33,000.

Bitcoin wants a weekly candle shut above $22,800

The transfer again above the 200-week MA has been a level of focus for cryptocurrency analyst Rekt Capital, who posted the next chart commenting that “For the first time in weeks, BTC is putting in a decent effort to try to reclaim the 200-week MA as support.”

BTC/USD 1-week chart. Supply: Twitter

The 200-week MA has been a extremely watched metric in current weeks as a result of it has served as a dependable bear market indicator that has traditionally offered perception into when a backside has been set.

Rekt Capital mentioned,

“#BTC needs to Weekly Candle Close above $22800 to successfully confirm a reclaim of the 200-week MA as support.”

There’s nonetheless room for a pullback to $18,000

Further perception into what would want to occur to verify a bullish perspective on the positive aspects seen on July 19 was supplied by Phoneix ICF, who offered the next chart highlighting the following main degree of resistance to keep watch over.

BTC/USDT 1-day chart. Supply: Twitter

Phoenix ICF mentioned,

“Wait for the 1d candle to close above $23K and then place long bets. If that’s not the case, we’ll see it below $18K soon. Be patient & avoid emotional trading.”

Associated: Technicals counsel Bitcoin remains to be removed from superb for every day funds

Traders expect resistance at $28,400

The significance of the present price degree was further explored by technical analyst Crypto Patel, who posted the next chart outlining the attainable paths that BTC might take within the occasion of a sharp directional transfer from the present provide zone discovered between $21,700 and $22,800.

BTC/USDT 1-day chart. Supply: Twitter

Crypto Patel mentioned,

“Scenario 1:- If Break $22,900 Level then Ready for Long with $28,400 TP [take profit]. Scenario 2:- But If failed to hold $$22,800 then High Possibility to test $12K Level.”

Based mostly on the present Bitcoin price, the chart above predicts a attainable run-up to the resistance space close to $28,400, adopted by a consolidation or pullback earlier than BTC makes an attempt to take out the resistance discovered at $32,300.

The general cryptocurrency market cap now stands at $1.062 trillion and Bitcoin’s dominance charge is 42.1%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer includes threat, you must conduct your personal analysis when making a determination.

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