BTC consolidation has led to increased trading in BNB, UNI, and other altcoins. Bitcoin (BTC), which made a strong recovery in July, is now on track to record its highest monthly gains since October 2021. The Crypto Fear and Greed Index was at 42/100 on the 30th of July due to the strong recovery in bitcoin and other altcoins. This is the highest level it has been since April 6th. Bitcoin could outperform other assets if the US Federal Reserve decides to raise its meeting-to-session rates. One of the most successful bull markets in history was one that weighed risk against reward.
BTC traded at $23,325.
Chart for Bitcoin (BTC).
After consolidating in a range of $18,000 to $23,000, BITCOIN made a breakout on the upside on 19 July. It reached a high of $24,287. After some profit booking, the asset began trading in a “Falling Channel” pattern. BTC traded in a ‘Falling Channel’ pattern last week. It made a Dragonfly Doji candle at the channel’s support and then resumed its upward movement, reaching a weekly high of $24,666. The asset is trading above $23,000 support (Horizontal Trendline and 20 Day Moving Average). It can rally to $28,500 if it holds above that support, while a break below $23,000 could lead to a drop to $20k.
Support 2Support 1AssetResistance 1Resistance 2$20,000$23,000BTC$28,500$32,500
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in cryptocurre ncies viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The Author’s analysis should be used only as information and should not ever be considered investment advice.
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