Crypto

Bitcoin July 22, 2022 – Look out for the weekend!

Decisive Weekend – Bitcoin (BTC) price is about to register for the third day in a row, red daily candle. This series of falls could put an end to recent hopes of a bullish recovery.

This bitcoin price analysis is brought to you in collaboration with Le Trading du Coin and its algorithmic trading solution finally available to individuals.

Bitcoin price below $23,000

Today, July 22, 2022, the price of bitcoin on Bitfinex rises to $23,729. Due to the rejection, the cryptocurrency loses $23,000. Bitcoin is trading at $22,609 at the time of writing. Its price recorded a daily loss of 2.22%.

In the very short term, the price of bitcoin is currently unable to break the resistance zone at $23,500-23,800, preventing the cryptocurrency from confirming the retaking of the 200-week moving average as bullish support.

Posted by Mikael van de Poppe – Source: Twitter

Bitcoin is currently returning below this average, about two days after the close of the week, allowing it to confirm or deny the resumption of this important support.

For the bear weekend?

After the failure of the bulls to break this resistance zone on either side of $23,600, crypto trader Tony is looking forward to a “bloody weekend”, a “corrective wave following down momentum.”

Towards a bloody weekend at the price of bitcoins?Post by Crypto Tony – Source: Twitter

The hourly bitcoin price chart he shared shows a support zone in the $21,400-$21,800 region.

However, if bitcoin drops to $21,400, it will lose the uptrend that has been in place for “nearly 10 days now.” Its price will indeed drop to levels well below the support line for this trend, marked by trader Rekt Capital in the chart below.

Uptrend line for bitcoin price.Rekt Capital publication – Source: Twitter

Important decisive move

This 4-hour Bitcoin price chart published by Rekt Capital also shows a narrowing area bounded by this sloping support that supports the uptrend of the past few days and a resistance line near $23,500.

In other words, there should be a decisive move with upward momentum this weekend that will break this resistance or loss of the ascending trendline in the very short term.

A drop below $22,000 in the next 24 hours tends to confirm the false breakout theory above the 200-week moving average.

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