empty
26.07.2022 06:56 PM
Trading plan for Bitcoin on July 26, 2022

This image is no longer relevant

Technical outlook:

Bitcoin slipped through the $20,700 lows intraday on Tuesday only to find some support. The crypto is bouncing back and is seen to be trading close to $20,900 at this point in writing. Interim support is seen at around $18,900 for the time being and the bulls are expected to remain in control until it stays intact. Potential medium-term targets are seen towards $29,000 as projected here on the daily chart.

Bitcoin has already carved a larger-degree downswing between $69,000 and $17,500 since November 2021. The above drop is unfolding in three waves until now and hence, it is corrective in nature. The high probability remains for another three-wave rally towards $48,000 or at least towards $29,000 before bears could be back in control.

Keeping the suggested wave structure in mind, we have been considering Bitcoin positional longs from the $17,500-18,900 lows recently. Bitcoin might still have some upside left towards the $29,000 mark if not further. The bottom line for the above bullish structure to remain intact is that prices should broadly hold above $18,900 and $17,500.

Going forward:

Bitcoin has been working upon its recent upswing between $18,900 and $24,200 as seen on the daily chart. Prices are now testing the Fibonacci 0.618 retracement of the above upswing, which is seen close to $21,000. The high probability remains for a bullish reversal from here and a climb towards the $29,000 mark in the next few weeks.

Trading plan:

Potential rally through $29,000 against $18,800

Good luck!

Oscar Ton,
Analytical expert of InstaTrade
© 2007-2025
Earn on cryptocurrency rate changes with InstaTrade
Download MetaTrader 4 and open your first trade

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on August 7

Bitcoin remains within a newly formed sideways channel, once again attempting yesterday to break above the 115,500 level. Ethereum also shows resilience, which is confirmed by recent activity metrics

Miroslaw Bawulski 08:48 2025-08-07 UTC+2

SEC no longer considers staking offer or sale of securities

Bitcoin is hitting lows more often than it is reaching local highs. Every major rally is followed by slow and steady sell-offs, a pattern that suggests a broader crypto market

Jakub Novak 11:28 2025-08-06 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 6

Bitcoin continues to trade within a new sideways channel, and its inability to hold above $115,000 indicates a high likelihood of continued correction. Another decline toward the $112,000 level

Miroslaw Bawulski 09:14 2025-08-06 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 5

Yesterday's failure to break above the $115,000 level—even amid a strong correction observed in the second half of the day—suggests that Bitcoin's decline may continue and that larger pullbacks toward

Miroslaw Bawulski 09:03 2025-08-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 4

Bitcoin and Ethereum started August on a rather bearish note. Following a sharp drop in the U.S. stock market last Friday, the cryptocurrency market also moved downward, once again demonstrating

Miroslaw Bawulski 09:28 2025-08-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on August 1

Bitcoin and Ethereum saw a significant decline, ending the month with profit-taking. Despite the correction, July was fairly positive—especially for Ethereum, which gained over 49% in price. Bitcoin rose

Miroslaw Bawulski 09:34 2025-08-01 UTC+2

Bitcoin plunges to around $114,300, while Ethereum tests $3,615

The beginning of the new month has been relatively carefree, considering that just earlier this week, Bitcoin was trading near $120,000. Now, it's crucial to see whether large players will

Jakub Novak 09:25 2025-08-01 UTC+2

Will Cardano continue its decline and reach its nearest support level? Friday, August 01, 2025.

Cardano – Friday, August 01, 2025. With the EMA (5) which is below the EMA(200) and the RSI (14) indicator at Extreme Bearish levels, Cardano has the potential to experience

Arief Makmur 08:02 2025-08-01 UTC+2

Could Polkadot continue the path to its support level? Friday, August 01, 2025.

Polkadot – Friday, August 01, 2025. Sellers are quite dominant in the Polkadot cryptocurrency, as confirmed by the Death Cross EMA position and the RSI(14) indicator in Extreme Bearish conditions

Arief Makmur 08:02 2025-08-01 UTC+2

First US crypto policy report opens new era

Bitcoin briefly dipped following the Fed's recent decision but quickly rebounded, maintaining its range-bound trade between $116,000 and $120,000. This sideways movement may soon lay the groundwork for a breakout

Jakub Novak 11:33 2025-07-31 UTC+2
Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.

We are sorry for any inconvenience caused by this message.