Bitcoin on August 5, 2022: second chance?

Highs and lows – Uncertainty continues to reign in the markets as to the ability of the Bitcoin (BTC) price to end the week on even a partial victory from the bulls.

This Bitcoin price analysis is brought to you in collaboration with the Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin price back to $23,000

Bitcoin price rises to $23,462 on Bitfinex today, August 5, 2022. Cryptocurrency trades at $23,105 at the time of writing this article. Its price is currently registering a daily gain of 2.78%.

While Bitcoin looked like it was on the verge of losing the 200-week moving average for good yesterday, the cryptocurrency is back above this key level again in the space of 24 hours.

The bulls are currently offering themselves another chance to achieve a second consecutive weekly close above this average.

The end of a phase in the red?

The Material Indicators platform has shared a chart that shows a Bitcoin that may be on the verge of to chain new increases, after recording a succession of seven bearish candlesticks. This forecast is based on the pattern of daily candlesticks, since mid-June of this year.

Publication of Material Indicators – Source: Twitter

The trader behind the Daan Crypto Trades Twitter account also pointed out that crypto markets can try “ close the gap now after they “underperformed the rest of the markets this week.”

Crypto markets: closing the gap after underperforming
Publication of Daan Crypto Trades – Source: Twitter

The $20,000 still on the menu?

However, not all prospects are bullish, despite these encouraging signals. Trader Profit Blue believes that Bitcoin is confirming a “ double top model after hitting $24,000 recently.

BTC USD: bearish double top
Publication of Profit Blue – Source: Twitter

Bitcoin could therefore very well head towards $20,000 in the next few days, which constitutes a neck line.

Neither red nor green: the realistic scenario?

Is Bitcoin about to begin an ascent to new highs, or is it on the way to $20,000 and below?

The Cryptobirb trader makes an alternative hypothesis. He shared a chart to illustrate the existence of “a lot of jerks” in the markets, a pattern that would be typical “of a sideways trending environment for Bitcoin price.

BTC Price: Sideways Environment
Publication of Cryptobirb – Source: Twitter

The bears could not have succeeded in clipping the wings of the bulls? After the uncertainties about the bottom of this cycle, the markets are currently asking questions about the real strength of the bulls to start a serious rally towards $20,000.

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