Decisive weekend – The price of Bitcoin (BTC) is about to register for the third day in a row, a red daily candlestick. This succession of declines could put an end to recent hopes of the beginning of a bullish recovery.
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 below $23,000
Bitcoin price rises to $23,729 on Bitfinex today, July 22, 2022. The rejection causes the cryptocurrency to lose $23,000. Bitcoin trades at $22,609 at the time of writing this article. Its price recorded a daily loss of 2.22%.
In the very short term, the price of Bitcoin is currently unable to break through a resistance zone at $23,500 – $23,800preventing the cryptocurrency from confirming the recapture of the 200-week moving average as bullish support.
Bitcoin is currently returning below this average, about two days from a weekly close, which will allow it to confirm or invalidate the resumption of this major support.
Towards a bear weekend?
After the inability of the bulls to break through this resistance zone on either side of $23,600, Crypto trader Tony expects “ bloody weekend to a “corrective wave following the downward impulse”.
The 1-hour Bitcoin price chart he shared shows the existence of a support zone around $21,400-$21,800.
If Bitcoin fell to $21,400, it however, would lose the uptrend which has been forming for “almost 10 days now”. Its price would indeed drop, to levels well below the support line for this trend, highlighted by trader Rekt Capital, in the chart below.
An essential decisive movement
This 4-hour Bitcoin price chart shared by Rekt Capital also shows the shrinking area bounded by this slanting support that supports the uptrend of the past few days, and the resistance line around $23,500.
In other words, this weekend should thus see a decisive movement, with an upward impulse, breaking this resistance, or a loss of the upward trend line in the very short term.
A drop below $22,000 in the next 24 hours would tend to confirm the fake-breakout theory above the 200-week moving average.
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