After a week of gains, traders are feeling a lot better on July 22, as they look forward to a bright future.
Cointelegraph Markets Pro and TradingView data show that Bitcoin’s (BTC) price has fluctuated around $23,000 support over the past few days and is still slightly above its 200-week moving mean (MA), which has been a reliable indicator for bear market bottoms.
BTC/USDT 1-day chart. Source: TradingView
Analysts have identified the most important levels to be aware of as the market continues to debate its direction.
Bitcoin must be close to $22,800 per week
Independent market analyst Michael van de Poppe noted the significance of Bitcoin trading exceeding its 200-week MA. He posted the following chart, which highlights the major support/resistance zones.
BTC/USDT 1-hour chart. Source: Twitter
Van de Poppe stated that Bitcoin is facing “crucial resistance again” at $23,500. What happens next will decide if Bitcoin’s price rises or falls to $21,500 support. He explained:
“If it breaks at $23.8K I’m assuming that we’ll continue, and then $28K are on the table, but we also have a clear break above the 200-Week MA confirmed.”
Market analyst Rekt Capital further stressed the importance of BTC keeping above the 200-week MA. He also highlighted the need for Bitcoin’s weekly close to $22,800.
#BTC is bouncing around the 200 week MA every week. The most important thing will come down to confirmation relative the 200-week MA via a Weekly Candle Close. The 200-week MA corresponds to the price point at $22800$BTC #Crypto
Rekt Capital (@rektcapital), July 22, 2022
Participating in a major move
Crypto trader and pseudonymous Twitter User CryptoGodJohn said that recent price action indicates “a big move #BTC is coming soon”. He provided this chart, which shows two possible routes Bitcoin could take.
BTC/USD 1-hour chart. Source: Twitter
“Break Above and Hold $24,200. We can squeeze to $27K-$28K pretty quickly, I believe. I would like to see a flush of $20K if we accept back into the range. Both are easy to invalidate, so stay safe.
Related: Pro Bitcoin traders don’t like bullish positions
The possibility that Bitcoin could move in any direction was also mentioned by Mayne on Twitter, who posted the chart below addressing the potential range breakout for Bitcoin.
BTC/USD 12-hour chart. Source: Twitter
They explained that the upside could be lucrative if we can keep above $22.5k/range top. If you lose the range high, it was most likely a deviation. You take a risk if you move beyond the range high.
Keep it simple
Caleb Franzen, market analyst at Caleb Franzen, offered this insight for those who would rather accumulate and hodl than focus on the daily price movements of Bitcoin.
#Bitcoin analysis using monthly candles and the 12-month Williams%R oscillator. It signals an accumulation zone when the W%R crosses above the “oversold” threshold on a 1-year basis. The bull market stampede occurs when it crosses the threshold of oversold. Since May 22, we’ve been in the accumulation zone. pic.twitter.com/kBrk23PA9F
— Caleb Franzen (@CalebFranzen) July 22, 2022
The total cryptocurrency market is now worth $1.048 trillion. Bitcoin is the dominant currency at 42%.
com. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
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