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On July 19th, the Bitcoin (BTC) price escaped from a month-long consultation with a bullish breakout from the $22600-$20000 resistance zone. Since then, the price has been under a retest phase and pullbacks to the $20000 mark. This flipped support may act as a suitable launchpad to drive the prices higher.
Key points:
- The post-retest rally should drive the BTC price to the $26000 mark
- The $20000 support breakdown would invalidate the bullish thesis
- The intraday trading volume in Bitcoin is $25.5 Billion, indicating a 17% loss
Source-Tradingview
From Mid-June-to-July, the BTC/USDT pair consolidated between the $22600 and $18900 barriers, reflecting uncertainty in the crypto market. However, earlier this week, the altcoin witnessed a significant inflow, which breached the overhead resistance($22600).
Furthermore, with a significant rise in volume activity, the breakout rally reached a high of $24196. Moreover, the coin chart showed an immediate reversal backed by low volume activity, indicating a retest to the breached $22600-$22000 resistance.
This decreasing volume during the retest phase accentuates the traders are less interested in entering a short position, thereby giving buyers an upper hand. Today, the BTC price is up 1.2% and reflects sustainability above the flipped support.
If the volume activity picks up on this green candle, the buyers will obtain a suitable signal to continue the bullish recovery.
The potential rally should surpass the $24000 resistance and surge 15% to the $26000 mark.
While things look favorable for buyers, a daily candlestick closing below the $22000 support would undermine the breakout thesis and may plunge the coin price back to the bottom support of $19000.
Technical Indicator
EMAs: BTC price action is heavily influenced by the 20-and 50-day EMAs. While the 50 EMA restricts the potential rally to reach higher, and the 20-day flipped support prevents a major correction. However, the buyers would acquire an extra edge if the expected rally managed to reclaim the 50 EMA.
RSI indicator: the daily-RSI slope sustains above the neutral zone despite a minor correction in price action, indicating the traders feel optimistic about Bitcoin’s recovery.
- Resistance level- $24000 and $26000
- Support level- $22000 and $19000
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