bitcoinBTC/USD
$ 24,026.44
ethereumETH/USD
$ 1,882.49
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.555283
xrpXRP/USD
$ 0.372796
usd-coinUSDC/USD
$ 1.00

Bitcoin Price Analysis: BTC likely to go bullish this week

Saad B. Murtaza

The king of cryptocurrency, Bitcoin, hasn’t been able to recover back to the all-time high level of $67,559 since the 8th of October 2021. The Bitcoin price analysis reveals that the king has seen a steady decline to the yearly low of $18,956 on the 12th of July 2022. Cryptocurrency traders tried to revive the coin to the glorious new heights attained in 2022 during the first quarter of the year but to no avail.

The second quarter has been devastating for Bitcoin price movement, with investors finally focusing on emerging new altcoins and tokens. Not to mention that the NFT and dApp markets have managed to shift the daily trading and newbie investors to new sectors of the cryptocurrency sphere.

Bitcoin price analysis chart - 3rd August 2022
Bitcoin price analysis chart by CoinMarketCap

The year-to-date high was witnessed on the 29th of March when the king coin managed to hit the $47,834 level, however, only to see a sharp decline by the 12th of April, followed by two $10,000 drops in May and June of 2022.

Bitcoin Price Analysis reveals reverse head and shoulder

The first week of Q3, 2022, brings rather positive news for the daily traders and hodlers alike. It seems that the king is finally stabilizing and coming out of the long-standing bearish streak with a reverse head and shoulder movement. A reverse head and shoulder movement is a bullish indicator that tells of an upcoming bullish streak.

Bitcoin price analysis - reverse head and shoulder - 3rd August 2022Bitcoin price analysis chart made on Trading View

The current reverse head and shoulder movement started brewing on the 19th of July with a $1,000 flash increase in the price. Although Bitcoin wasn’t able to maintain the high, and the price dwindled until the 25th and 26th of July to hit the $20,000 range, a $1,000 flash increase was observed on the 27th of July, giving way to the current movement on the charts.

The current reverse head and shoulder movement has been brewing since the 27th of July, and it is likely that the price will remain bullish in the current week with a likely increase to the $24,520 level.

BTC price analysis: Major indicators support bulls

As evident from the chart above, all major indicators are supporting the brewing bullish movement, including the moving average, the relative strength index (RSI), and the Bollinger’s band. The relative strength index score stands at a good 61.96, an indication of the stable market movement. A mid-level RSI score indicates that the price is neither in the oversold nor in the overbought zones.

The immediate support is found at the moving average (MA) level of $23,356 level. The next support level is found at the Bollinger’s Band average mark of $23,291, while the lowest support level is found at the $23,006 level. On the other hand, the resistance is found at the upper Bollinger’s Band mark of $23,576. At the time of writing, the Bitcoin price is steadily hovering between the $23,390 and $23,450 levels and is likely to break the current resistance in next two days.

If the current price movement continues to brew within the current scales without any sudden market changes traders should expect steady rise in Bitcoin price.

Take Aways:

  • Bitcoin price movement reveals bullish momentum.
  • Current support is found at the $23,000 level.
  • Current Resistance is found at the $24,576 level.
  • Steady rise to $24,520 is expected during the week.
  • Major indictors support the current bullish momentum.

Disclaimer: The information provided on this page is most accurate to the best of our knowledge; however, subject to change due to various market factors. Crypto-Academy encourages our readers to learn more about market factors and risks involved before making investment decisions.

Also read:

Related News

Avalanche Price Analysis - 10th August 2022

Avalanche Price Analysis: AVAX in bullish cup and handle

Avalanche placed itself very well in the cryptocurrency sphere as one of the fastest blockchains. Our Avalanche price analysis reveals a bullish cup and handle formation that is likely to keep the price up by a good margin in the days to come. The year-to-date (YTD) high for AVAX was recorded on the 2nd of January when the proof of stake cryptocurrency hit the $116.6 mark and the rest of

Read More »
Dogecoin Price Analysis - 10th August 2022

Dogecoin Price Prediction: DOGE Stabilizing After Retrace

What started as a fun meme coin eventually turned into an evolutionary move for the cryptocurrency sphere. Our Dogecoin price analysis reveals the token is currently going through a reverse head and shoulder movement following the overall market movement and is likely to stay stable. Just like other top cryptocurrencies, the year-to-date (YTD) high was hit on the 14th of January at the $0.194 mark. Since then, the altcoin price

Read More »
Cardano Price Analysis - 9th August 2022

Cardano Price Prediction: ADA in bulls after correction

Cardano started as an open source proof of stake (PoS) project that later inducted the BEP-20 standards as well. Our Cardano price analysis reveals that the cryptocurrency is moving into a reverse head and shoulder formation, priming for a bull movement. Unlike top cryptocurrencies like Solana, Cardano saw the year-to-date high in the third week of January 2022, when it hit the $1.61 mark on the 18th. This is about

Read More »

My Coins

bitcoinBitcoin
$ 24,026.441.63%
ethereumEthereum
$ 1,882.492.32%
cardanoCardano
$ 0.5552830.66%
tetherTether
$ 1.000.02%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]