#Bitcoin Uptrend Valid even with a Spinning Top Formation
Past Performance of Bitcoin
Bitcoin prices are steady, trading within a tight trade range at spot rates. Prices are notably pulling back from recent highs of $25.23k when writing, an indicator of bears rejecting higher prices, reading from the arrangement of August 13 through to early August 15. The result today is a long upper wick in the daily chart suggesting rejection of higher highs. Since prices are also within the August 13 trade range, there is a spinning top formation and lower lows versus the upper BB, suggesting weakness.
#Bitcoin Technical Analysis
Overall, buyers have the upper hand when writing and analyzing the candlestick arrangement in the daily chart. While optimistic, traders should take note of possible exhaustion by bulls and the lower lows relative to the upper BB despite prices rallying to register new H2 2022 highs. Although BTC is within a bullish formation, solid, wide-ranging bar(s) must be mirroring those of late July 2022 for a clear trend definition. In that case, while aggressive traders may find entries above $23k and $24.5k with targets at $28k and $32k in the medium term, a close above $25.3k would be refreshing, hinting at strength. Any sharp, wide-ranging drop below $23.6k might slow down the uptrend.
What to Expect from #BTC?
The uptrend is firm but bulls are finding it hard to add to their longs. Any close above last week's highs might reinvigorate exhausted buyers, injecting momentum to the uptrend in a buy trend continuation formation.
Resistance level to watch out for: $25k
Support level to watch out for: $23.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are steady, trading within a tight trade range at spot rates. Prices are notably pulling back from recent highs of $25.23k when writing, an indicator of bears rejecting higher prices, reading from the arrangement of August 13 through to early August 15. The result today is a long upper wick in the daily chart suggesting rejection of higher highs. Since prices are also within the August 13 trade range, there is a spinning top formation and lower lows versus the upper BB, suggesting weakness.
#Bitcoin Technical Analysis
Overall, buyers have the upper hand when writing and analyzing the candlestick arrangement in the daily chart. While optimistic, traders should take note of possible exhaustion by bulls and the lower lows relative to the upper BB despite prices rallying to register new H2 2022 highs. Although BTC is within a bullish formation, solid, wide-ranging bar(s) must be mirroring those of late July 2022 for a clear trend definition. In that case, while aggressive traders may find entries above $23k and $24.5k with targets at $28k and $32k in the medium term, a close above $25.3k would be refreshing, hinting at strength. Any sharp, wide-ranging drop below $23.6k might slow down the uptrend.
What to Expect from #BTC?
The uptrend is firm but bulls are finding it hard to add to their longs. Any close above last week's highs might reinvigorate exhausted buyers, injecting momentum to the uptrend in a buy trend continuation formation.
Resistance level to watch out for: $25k
Support level to watch out for: $23.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.
