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Bitcoin’s Target for Growth? August 2nd BTC Analysis

  • Bitcoin started to rise with strong buying reactions from the support zone of 28,600 – 28,200 dollars and is trading at the level of 29,512 dollars.
  • The BTC price can sustain its rise up to the resistance level of 31,100 dollars by closing above 29,500 dollars on a 4-hour basis.
  • If it manages to stay above the level of 28,700 dollars, Bitcoin can target the goal of 32,000 dollars and the level of 32,300 dollars can be the next targeted resistance.

Bitcoin started to rise with strong buying reactions from the support zone of 28,600 – 28,200 dollars and is currently trading at the level of 29,512 dollars. If BTC can maintain its stability above 29,500 dollars, it has the potential to continue its rise up to the resistance level of 31,100 dollars.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When we examine the current technical chart of Bitcoin, it can be seen that it started its rise with strong buying reactions from the previous support zone of 28,600 – 28,200 dollars, as we mentioned in our previous analysis articles. It has provided a 3% profit to our readers who entered the market from this support zone.

The BTC price can continue its rise towards the mentioned levels of 32,300 dollars with the strong support it received from the support zone of 28,600 – 28,200 dollars. However, for Bitcoin to reach the target of 32,000 dollars, it needs to achieve daily closings above the resistance of 29,500 dollars.

With yesterday’s daily candle closing at the level of 29,700 dollars, if BTC can make a permanent closing above 29,500 dollars, it will want to continue the upward trend and first target the resistance of 31,000 dollars. However, it is important for it to maintain stability above 29,500 dollars for this situation.

The Bitcoin price can set its upward target as the level of 32,300 dollars by breaking and sustaining above the level of 31,300 dollars. Another upward target is the level of 37,000 dollars.

Short-Term BTC Analysis

4-Hour BTC/USD Price Chart
4-Hour BTC/USD Price Chart

When we examine the 4-hour technical chart of Bitcoin, we observe that the BTC price performed a liquidity clean-up below the level of 28,800 dollars, as mentioned in the previous analysis, and then initiated the upward movement. Currently, BTC is trading at the level of 29,512 dollars and trying to stay above its critical support.

If the Bitcoin price can achieve closings above 29,500 dollars on a 4-hour basis, it may want to continue its rise up to the resistance level of 31,100 dollars.

However, the BTC price should first achieve closings above the resistance zone located at the level of 30,400 dollars. At the same time, as long as Bitcoin continues to achieve 4-hour closings above the level of 28,700 dollars, it will aim to make an upward movement towards the mentioned levels of 32,000 dollars according to the analysis.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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