Bitcoin Analysis — Bullish Signal Flashing
Post authorBy Steve Greenberg
Post dateAugust 1, 2022
With crypto surging these past two weeks, many investors who have been able to catch the bottom are likely seeing some green in their portfolios right now — but the question of where Bitcoin is headed from here still remains.
Bitcoin recently broke past the resistance range around 24.2k, but ultimately dropped back and has been consolidating below this resistance once more. For the past ~3 days, BTC has remained between its support of 23.6k and the resistance of 24.2k. That said, the current support was once a strong level of resistance for Bitcoin, so if we drop below 23.6k then we might see a more significant correction.

It’s also evident that Bitcoin has been forming consistently higher highs throughout July, indicating a strong uptrend that will only be broken if BTC breaks below the most recent low, as underlined in the following chart.

Another exciting signal right now is the Bitcoin price trading above the EMA Ribbon, which is an indicator that plots a series of moving averages. Whenever the price is trading below this indicator, it’s a relatively bearish sign — however, there could be a potential price surge if the price is above it. Bitcoin has not traded above this indicator for over 130 days — but when it last did, the price increased nearly 20%.

Going into next week, a price level to keep an eye on is 24.2k, as this could determine whether Bitcoin proceeds its recent pattern of forming higher highs.
*No information stated in this article should be perceived as financial advice. Any investment decisions should be closely considered according to your own personal understanding.
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