Technical analysis of BTC/USD for August 06, 2022

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Trading BTC/USD :

The bullish trend is currently very strong for BTC/USD. As long as the price remains below the resistance at $ 22.688, it could try to take advantage of the bullish rally. The first bullish objective is located at $ 23,794.

Crossing it would then enable buyers to target $ 23,794. Be careful, given the powerful bearish rally underway, excesses could lead to a short-term rebound. If this is the case, remember that trading against the trend may be riskier. It would seem more convenient to wait for a signal indicating reversal of the trend.

Bitcoin has closed above the pivot point ($ 22.688) could assure that BTC/USD will move higher towards cooling new highs. The bulls must break through $ 22.688 in order to resume the up trend.

BTC/USD is at an all-time high against the dollar around the spot of $ 22k - $ 23k since a month. BTC/USD is inside in upward channel. Closing above the major support ($ 22.688) could assure that BTC/USD will move higher towards cooling new highs.

BTC/USD is continuing rising by market cap at a range between $ 22k and $ 23k. BTC/USD is trading at $23.154 after it reached $23.794 earlier. BTC/USD has been set above the strong support at the price of $ 22.688, which coincides with the 50% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of $23.154. Buy orders are recommended above the area of $23.154 with the first target at the price of $23.794; and continue towards $24.663 in order to test the last bullish wave.

The bullish momentum would be revived by a break in this resistance. Buyers would then use the next resistance located at $ 24,663 as an objective.

On the other hand , if the BTC/USD fails to break through the resistance price of $23.794 today, the market will decline further to $ 22.688 (return to pivot). In the very short term, the general bullish sentiment is not called into question, despite technical indicators being neutral (RSI).


Trading analysis offered by RobotFX and Flex EA.
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