If Bitcoin can break through the resistance at $24,668, we will see the rally of altcoins such as THETA, FLOW, and MKR. The rally in crypto markets may have more room if there is a close correlation between stock market and crypto markets. Material Indicators, an on-chain monitoring resource, stated in a Twitter update Aug 5 that Bitcoin (BTC), if it breaks above $25,000 there will not be any major resistance until the $26,000 to $28,000 range. The volume has increased by 31% and prices have risen by around 4%. BTC currently holds around 40% of the market.
BTC traded at $23,350 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN trades sideways in a narrow range of $22,500 to $23,500, with low volumes. It is currently hovering near its 20-Day Moving Average for the past few days. The asset faces stiff resistance at $24,500 on a daily basis. If the resistance is broken and the daily closing exceeds it, the price can rise to $28,000. A neutral stance on the asset is indicated by declining volumes, a flattened moving average, and RSI of around 50. Bitcoin is supported at $17,500 and $20,500.
Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$17,500$20,500BTC$24,500$28,500
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 response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash and Ethereum. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
08th August 2022 ZebPay.
