Bitcoin August 11, 2022 – The game is worth the green candlestick

Break in the green – The price of Bitcoin (BTC) finally breaks through an important resistance, a move that could herald further upsides towards the levels near $30,000. The bulls need to defend or conquer other key levels, however, in order to drive this upside.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin price above $24,000

The price of Bitcoin rose to around $24,865 on Bitfinex on August 11, 2022. It closed the day at $24,126, with a daily gain of just over 0.70%.

Trader Rekt Capital defined the $24,700 as the new resistance line to cross for bulls, the red line in the Bitcoin price chart on a weekly basis below.

Publication of Rekt Capital – Source: Twitter

Rekt Capital further highlighted the fact that Bitcoin price managed to defend the 200-week moving average for three weeks, while enjoying “some upward continuation.”

$24,200 as a major new target

Bitcoin has made a foray above that $24,700, but it is too early to tell if Bitcoin price will be able to close the week above this level.

For analyst TechDev, Bitcoin must now end the week above the 10-week moving average, to $24,200in order to be able to start a bullish impulse, which could propel it all the way to $28,000, the next major resistance that the bulls will face.

BTC USD: the $24,200 to defend on a weekly basis
TechDev publication – Source: Twitter

A Bullish Breakout, But More Lows Ahead

On a shorter timeframe, the bulls managed to bring the price of Bitcoin back, well above the tidy, in which the cryptocurrency had been trading for weeks. This is therefore a significant bullish breakout.

BTC price: impulse above the range
Crypto Tony post – Source: Twitter

Today’s rise should thus reassure markets of a bullish continuation towards levels near $30,000, but some traders and analysts believe that the current ascent in Bitcoin price will not last.

Analyst Il Capo Of Crypto shared his technical analysis, to recall an old forecast, according to which the price of Bitcoin will not exceed $25,000 – $25,500then will subsequently see further declines.

Bitcoin price: $25,000 as resistance before further declines.
Publication of Il Capo Of Crypto – Source: Twitter

Given the rises of the past few days, Bitcoin seems to have been given a green light, rather than a red card. The next weekly close will allow to be fixed on the real capacity of the bulls, to quickly run towards $28,000. The bears continue to watch, however, despite this possibility of a larger technical rebound.

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