BTC Prints Fresh Monthly High; A Bull Trap?

Published 9 hours ago

The Bitcoin price analysis shows the price mildly bullish move. After witnessing a continuous upside for two consecutive sessions, BTC retreats as the bulls took a breather near higher levels. A euphoria extended after the less hawkish Fed seems to be consolidating.

  • Bitcoin price pauses gains following straight two sessions of gains.
  • The range-bound price movement indicates a consolidation before the next directional setup.
  • Momentum oscillators tilt in favor of bulls.

In today’s session, the BTC price tested fresh monthly highs above $24,400. However, it entered into corrective pullback since then. The below-average volumes suggest that the market is not over yet with the bullish outlook.

As of publication time, BTC/USD is exchanging hands at $23,456.78, down 1.30% for the day. The 24-hour trading volume stands at $40,301,078,987 with more than 6% gains.

BTC signals consolidation

 BTC price trades higher on Friday as the bulls are back in action, but faces rejection near the higher level. The price had given a good breakout from its ‘Channel pattern’. The price is near the highs of July 20, thus forming a double top formation. However, the average volume indicates that the price might ignore any bearish sentiment as of now. 

Source: Trading view

On the daily chart, BTC’s price faces a strong resistance hurdle above $24,250. As can be seen in the chart. BTC formed a bullish Flag and pole pattern and gave a breakout from $22,800 levels.  I the [rice is able to break the session’s high on a daily basis, with good volumes then we can expect a good bullish momentum of up to the highs of June 13 at $26,869.45.

Further, according to the Bullish Flag and Pole pattern, the next expected target could extend from $27,500 to $28,500. 

Source: Trading view

 On the hourly time frame, the rice is breaking every swing high, indicating bullishness. On June 13, the price fell below $24,350, since then this level become a resistance. Now, an acceptance above 24,350, then we can expect a good momentum on the higher side. 

On the other hand, a break below the $23,000 level could invalidate the bullish outlook.

Conclusion: 

BTC is bullish on all time frames. Above $24,350, we can put a trade on the buy side. 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Source: https://coingape.com/markets/bitcoin-price-analysis-btc-prints-fresh-monthly-high-a-bull-trap/