Exclusive Bitcoin (BTC) Reclaims $32,000 After Substantial Pump

Share Article
In Brief
  • Bitcoin created a bullish engulfing candlestick.

  • BTC reclaimed the $31,300 horizontal support area.

  • The price action is following a short-term descending resistance line.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Bitcoin (BTC) increased considerably on July 21, creating a bullish engulfing candlestick and reaching a high of $32,858.

Sponsored



Sponsored

BTC is following a shorter-term descending resistance line. If it can break out above this line, it could be the catalyst for a sharp upward move.

BTC reclaims range

BTC increased significantly on July 21. After falling to a low of $29,278, it began a rapid upward move that led to a high of $32,858. 

Sponsored



Sponsored

This created a bullish engulfing candlestick. In addition, it reclaimed the $31,300 horizontal support area that previously had been in place since May 19. This is a bullish development since the area is now expected to act as support again. 

However, technical indicators have not turned bullish yet.

The range high is found at $40,550.

BTC Chart By TradingView

Future movement

The six-hour chart shows that BTC has been following a descending resistance line since June 29. 

On July 21, it was rejected by this resistance as well as the 0.5 Fib retracement resistance level at $32,925. 

If it can move back above this line/level, it’s likely to move upwards at an accelerated rate due to the lack of overhead resistance. 

The MACD and RSI are both moving upwards. The latter is above 50 while the former is close to crossing into positive territory.

BTC Chart By TradingView

Wave count

The wave count indicates that BTC is currently in the C wave of a longer-term A-B-C corrective structure. 

The two most likely levels for the top of the upward move are at $37,278 and $42,181. The first target gives waves A:C a 1:1 ratio while the second gives them a 1:1.61 ratio.

BTC Chart By TradingView

The upward move looks impulsive (highlighted in green), increasing the likelihood that it could be a C wave. The sub-wave count is shown in red.

BTC Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go