Key Insights:
Bitcoin (BTC) rose by 1.79% on Saturday to increase its successful streak to 4 classes.
Market sentiment in the direction of US retail gross sales figures and additional response to FOMC member chatter delivered help.
The Bitcoin Fear & Greed Index elevated from 21/100 to 24/100, reflecting enhancing investor sentiment.
On Saturday, bitcoin (BTC) rose by 1.79%. Following a 1.21% achieve on Friday, BTC ended the day at $21,199. It was a fourth consecutive day within the inexperienced, with market sentiment in the direction of Fed financial coverage delivering help.
A bearish begin to the day noticed BTC fall to a low of $20,481 earlier than making a transfer.
Coming inside vary of the First Major Support Level at $20,405, BTC rallied to a excessive of $21,575.
BTC broke by the First Major Resistance Level at $21,215 earlier than falling again to sub-$21,200. Despite the late pullback, BTC held onto the $21,000 deal with for the primary time since July 9.
With the US markets closed, FOMC member chatter from Friday and the upbeat US retail gross sales figures continued to ship help.
Bitcoin Fear & Greed Index Inches towards the “Fear” Zone
Today, the Fear & Greed Index elevated from 21/100 to 24/100. Matching the Index degree from July 9 and 10, the Index stood on the highest degree since May 5 (27/100).
The newest transfer again in the direction of the “Fear” zone, which begins at 25/100, got here off the again of a BTC return to $21,000.
The bulls will now search for a return to the “Fear” zone to help a BTC run at $25,000.
Fear & Greed 170722
Bitcoin (BTC) Price Action
At the time of writing, BTC was up 0.41% to $21,285.
A uneven begin to the day noticed BTC fall to an early low of $21,188 earlier than rising to a excessive of $21,338.
BTCUSD 170722 Daily Chart
Technical Indicators
BTC must keep away from the $21,086 pivot to focus on the First Major Resistance Level (R1) at $21,689.
BTC would want a bullish session to help a breakout from the Saturday excessive of $21,575.
An prolonged rally would take a look at the Second Major Resistance Level (R2) at $22,180 and resistance at $25,000. The Third Major Resistance Level (R3) sits at $23,273.
Story continues
A fall by the pivot would convey the First Major Support Level (S1) at $20,595 into play.
Barring an prolonged sell-off, the Second Major Support Level (S2) at $19,992 ought to hold BTC from a fall to sub-$19,500.
The Third Major Support Level (S3) sits at $18,897.
BTCUSD 170722 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (beneath), it was a bullish sign. This morning, bitcoin sat above the 100-day EMA, at the moment at $20,644.
The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowed to the 200-day EMA; constructive BTC indicators.
A bullish cross of the 50-day EMA by the 100-day EMA would convey $22,000 into play.
A maintain above the 100-day EMA and a breakout from R1 and the 200-day EMA, at the moment at $21,875, would goal R2.
BTCUSD 170722 4 Hourly Chart
On a pattern evaluation foundation, bitcoin would want a transfer by a May 30 excessive of $32,503 to focus on the March 28 excessive of $48,192. Near-term, resistance at $25,000 will doubtless be the primary take a look at ought to the upward pattern resume.
For the bears, the June 18 low of $17,601 could be the following goal, with a fall by the present week low of $18,919 prone to take a look at investor resilience.
This article was initially posted on FX Empire
