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Bitcoin Buyers Made the Hold, but Will We See a Rally?

Published: 17.08.2022
by Joseph Jeffriess

Hi, and welcome to Wednesday’s update. Today we have seen a few of the top ten crypto coins trying to get some buyer momentum going. Today’s video is on Bitcoin but also check out the ETH on its daily chart for another example.

Bitcoin on the 4H made a support hold overnight, and we take that as a positive for buyers. So far today, buyers have continued to push off 23,780 support. We are keeping an eye on 24,033 resistance/supply as price continues to struggle to break this area. If we see a break, and we hope to. We would then be looking at 24,277.

If buyers can’t get this rally going and we see a new push lower by sellers, beware of the support level, as a break of that level could also start to bring into play the wedge pattern seen on the daily timeframe. (covered in the video update)

It’s a real test at the moment to see if buyers can get a rally going breaking the current supply and setting up a new move that could reach 24,890 again

We hope you enjoyed today’s update, and please feel free to send us your thoughts on bitcoins price action at the moment. Otherwise, enjoy your Wednesday and good trading.

Bitcoin Update Video

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