July 23rd Technical Analysis: Bitcoin

Bitcoin is closing in the stubborn resistance at $33,000 after firmly securing support at $32,000. Short-term technical indicators suggest the flagship cryptocurrency is in the bulls’ hands. Moreover, overcoming the hurdle at the 100 Simple Moving Average (SMA0 seems to have triggered more buy orders as bulls focus on lifting to $34,000 in the coming sessions.

The Moving Average Convergence Divergence (MACD) indicator bullish impulse confirms the ongoing uptrend. In addition to the recently flashed buy signal, the MACD has crossed above the mean line, thus adding credence to the bullish outlook. Therefore, Bitcoin can gain ground above $33,000 and perhaps close the day beyond $34,000.

BTC/USD four-hour chart

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