NewsletterBitcoin Price Analysis: BTC Prints Fresh Monthly High; A Bull Trap?
The Bitcoin price analysis shows the price mildly bullish move. After witnessing a continuous upside for two consecutive sessions, BTC retreats as the bulls took a breather near higher levels. A euphoria extended after the less hawkish Fed seems to be consolidating.
- Bitcoin price pauses gains following straight two sessions of gains.
- The range-bound price movement indicates a consolidation before the next directional setup.
- Momentum oscillators tilt in favor of bulls.
In today’s session, the BTC price tested fresh monthly highs above $24,400. However, it entered into corrective pullback since then. The below-average volumes suggest that the market is not over yet with the bullish outlook.
As of publication time, BTC/USD is exchanging hands at $23,456.78, down 1.30% for the day. The 24-hour trading volume stands at $40,301,078,987 with more than 6% gains.
BTC signals consolidation
BTC price trades higher on Friday as the bulls are back in action, but faces rejection near the higher level. The price had given a good breakout from its ‘Channel pattern’. The price is near the highs of July 20, thus forming a double top formation. However, the average volume indicates that the price might ignore any bearish sentiment as of now.
On the daily chart, BTC’s price faces a strong resistance hurdle above $24,250. As can be seen in the chart. BTC formed a bullish Flag and pole pattern and gave a breakout from $22,800 levels. I the [rice is able to break the session’s high on a daily basis, with good volumes then we can expect a good bullish momentum of up to the highs of June 13 at $26,869.45.
Further, according to the Bullish Flag and Pole pattern, the next expected target could extend from $27,500 to $28,500.
On the hourly time frame, the rice is breaking every swing high, indicating bullishness. On June 13, the price fell below $24,350, since then this level become a resistance. Now, an acceptance above 24,350, then we can expect a good momentum on the higher side.
On the other hand, a break below the $23,000 level could invalidate the bullish outlook.
Conclusion:
BTC is bullish on all time frames. Above $24,350, we can put a trade on the buy side.
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