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Bitcoin price analysis indicates a corrective pull pullback. The price retraced on the account of profit booking. Currently, the price is grinding sideways looking for a reliable supprot. Still, the underlying sentiment remains bullish in the largest cryptocurrency by marketcap.
The price opened the session higher but could not sustain the gains. As the U.S session begins, BTC found double support around $23,200. We expect a bounce back from the current levels.
As of writing, BTC/USD is trading at $$23,288, down 2.25% for the day. According to CoinMarketCap, the 24-hour trading volume is standing at $24,868,421,436 with gains of more than 3%. The low activity in volumes along with decline in price indicates consolidation.
- Bitcoin price edges lower on Wednesday as bulls failed to sustain the gains.
- A trade above $24,000 on the hourly time frame could reverse the losses.
- However, break of supprot level near $23,200 would continue with downside momentum.
BTC price looks for consolidation
On July 28, the Bictoin price closed at $23,850. The price failed to sustain the gains at the higher level. This also coincides with the resistance of a 50% Fibonacci retracement, as shown in the charts.
The trading volumes holds below average level for the past 2 weeks. Further, the price extends the consolidation along with the volume pattern. Any corrective pullback could be a better discount buying opportunity.BTC is comfortably placed above the 20-day exponential moving average, indicating bulls are still in picture.
On moving higher, the bulls will target the highs of July 29 at $24,672.
In the previous session, BTC gave a good bullish moment from its support, but couldn’t close above July 28 Candle, and in today’s session, we are witnessing a bearish move again, forming a “Double Top” Pattern.
This indicates bearishness. According to this pattern, if the price closes below $23,200, then we can expect a good fall below $22,650.
On the four-hour chart BTC gave a breakout earlier of an inverted “Head & Shoulder” pattern, and now the price coming for a retest, on the neckline. If the Bitcoin price closes below the neckline of $23,450 shown in the chart, then we can expect a good downfall.
Also read: https://coingape.com/bitcoin-price-indicator-end-accumulation/
On the other hand, a daily close above the $23,900 level could invalidate the bearish outlook. And the price can be above 24,450.
Conclusion:
BTC is mildly bearish on all time frames. If the price break below $23,150 closing on the hourly time frame, it could extend the downside. However, this would be discount buying opportunity for sidelined investors.
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