Bitcoin price moves toward $24K and traders expect further upside, after a support retest

The sight of green on the market on July 19, after months of price action that was “down only”, is a relief for crypto enthusiasts.

Cointelegraph Markets Pro and TradingView data show that Bitcoin (BTC), breaking through resistance at $23,000, to reach a daily high $23,447 is the reason for much of the excitement. This was its first significant move above the 200-week moving mean.

BTC/USDT 1-day chart. Source: TradingView

Many have predicted a rise to the mid-$30,000 mark, but some analysts warn that this could be another fakeout pump. Let’s look at the perspectives of traders on Bitcoin’s rise to $33,000.

Bitcoin requires a weekly candle that closes above $22,800

Rekt Capital, a cryptocurrency analyst, has focused on the move above the 200 week MA. He posted the following chart, commenting that BTC was making a good effort to regain the 200-week MA support.

BTC/USD 1-week chart. Source: Twitter

In recent weeks, the 200-week MA has been closely watched as it serves as a reliable indicator of bear markets and has historically given insight into when a bottom is reached.

Rekt Capital said,

#BTC must have a Weekly Candle Close of $22800 or more to confirm a claim for the 200-week MA support.

A pullback of $18,000 is possible.

Phoneix ICF provided further insight on what would be needed to confirm a bullish view on the gains of July 19. The following chart highlights the next major resistance level to watch out for.

BTC/USDT 1-day chart. Source: Twitter

Phoenix ICF said,

Wait for the 1st candle to close at $23K, then place long bets. If this is not the case, it will likely fall below $18K very soon. Avoid emotional trading and be patient

Related: Technicals indicate that Bitcoin is far from perfect for daily payments

Traders anticipate resistance at $28,400

Crypto Patel, a technical analyst, further examined the importance of current price levels and posted the following chart. It shows possible routes that BTC could follow in the event of a sharp move from the supply zone between $21,700 & $22,800.

BTC/USDT 1-day chart. Source: Twitter

Crypto Patel stated,

“Scenario 1 – Break $22,900 Level, then ready for long with $28,400TP [take profit]. Scenario 2 – If you fail to have $$22,000.00, then it is possible to test the $12K level.

The chart below, based on current Bitcoin prices, predicts a possible run up to the resistance zone near $28,400 followed by a consolidation/pullback before BTC attempts at taking out the resistance located at $32,300.

The total cryptocurrency market is now worth $1.062 trillion. Bitcoin’s dominance rate at 42.1%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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