Bitcoin must close above $21.9,000 to avoid another BTC price crash – trader
Traders are painting clear thresholds for Bitcoin price action as the week draws to a close near crucial moving averages.
Market Update
Bitcoin (BTC) found strength at $22,000 on July 24, with bulls still targeting a strong green weekly close.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD halted a weekend decline at $21,900 to retrace towards the daily lows of $23,000.
The pair held a trading range narrowly focused on major long-term trend lines, which analysts had previously described as key to recover.
These included the 50-day and 200-week moving averages (MAs), the latter being particularly important as support during bear markets, but which had acted as resistance since May.
"Hummish we held the 13d ema + horizontal 21.9k perfectly," popular Twitter trading account CryptoMellany said in part of its latest update of the day.
"I think we're going to stay around 22.5000 for today's weekly close, with the new week starting with action through 21 - 21.6000 and then for the rest of week, forming a bullish flag."
The 50-day and 200-week MAs are $22,370 and $22,690, respectively, at the time of writing, with a cash price of $22,670.
BTC/USD 1-Day Candle Chart ( Bitstamp ) with a moving average of 50,200 days. Source: Trading View
Traders are painting clear thresholds for Bitcoin price action as the week draws to a close near crucial moving averages.
Market Update
Bitcoin (BTC) found strength at $22,000 on July 24, with bulls still targeting a strong green weekly close.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed that BTC/USD halted a weekend decline at $21,900 to retrace towards the daily lows of $23,000.
The pair held a trading range narrowly focused on major long-term trend lines, which analysts had previously described as key to recover.
These included the 50-day and 200-week moving averages (MAs), the latter being particularly important as support during bear markets, but which had acted as resistance since May.
"Hummish we held the 13d ema + horizontal 21.9k perfectly," popular Twitter trading account CryptoMellany said in part of its latest update of the day.
"I think we're going to stay around 22.5000 for today's weekly close, with the new week starting with action through 21 - 21.6000 and then for the rest of week, forming a bullish flag."
The 50-day and 200-week MAs are $22,370 and $22,690, respectively, at the time of writing, with a cash price of $22,670.
BTC/USD 1-Day Candle Chart ( Bitstamp ) with a moving average of 50,200 days. Source: Trading View
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