Bitcoin analyst: breakout could cause new spike in price

Bitcoin (BTC) is down 4% in the past 24 hours and is down 2.6% since midnight. The current price at the time of writing is $22,950 on crypto exchange FTX and €22,450 on the Dutch exchange bitvavo. Trading volume increased by 15.3% in the past 24 hours. The total market cap of bitcoin at the time of writing is $439 billion and bitcoin dominance stands at 40.4%.

Bitcoin news from yesterday

Can bitcoin break this resistance?

Yesterday Bitcoin Archive, a well-known cryptocurrency Twitter account with more than 1 million followers, shared an analysis of bitcoin. In this analysis, he looked at the relative strength index (RSI) the bitcoin price. The analyst noticed that bitcoin is hitting strong resistance on the 3-day chart.

At the moment, however, we do not yet know what this could mean for the price. If the resistance is too strong, we are likely to seek the bottom of the RSI. This is accompanied by a fall in the price and possibly a new bottom. However, a breakout above the RSI could potentially spark another rally, and in the long run, even a new high. So it is important to keep an eye on how the RSI will react to this resistance.

Premium crypto analysis of the day: ZIL

The analysts in the Discord Community of Crypto Insiders recently shared an analysis of zilliqa (ZIL). A green entry zone was drawn on this based on an Elliott Wave analysis and Fibonacci levels. This analysis showed that the price had a good chance of rising towards $0.04922. The price has now also done this. ZIL is up about 20% from the entry zone. At the moment, a new analysis for ZIL is ready in the Discord environment with the analysts expecting that the price could still rise above $0.04922.

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Image 1: The above ZIL analysis was shared on August 4 in our Discord area for members.

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.

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