Bitcoin climbs above the weekly SSA – July 31 technical analysis
While Litecoin’s Halving is generating interest this week, the flagship cryptocurrency, BTC, is showing a bullish configuration. One renowned trader claims that a rise towards $52k is inevitable for bitcoin (BTC), based on the SSA (Senko Span A), a component of the Ichimoku indicator.
Bitcoin (BTC): Next target at $52k
The Bitcoin price is currently holding below $30,000 after a 3% drop last week. In the short term, this consolidation phase could continue as the cryptocurrency community focuses on Litecoin’s next Halving. However, a rise towards $52,000 seems likely in the medium term for Bitcoin (BTC).
According to Titan of Crypto on Twitter, this increase is inevitable. His conclusion is based on a long-term trading strategy using the weekly SSA. Indeed, Bitcoin (BTC) is currently above the SSA, which it crossed during the bullish phase in March. This powerful bullish signal for the parent cryptocurrency suggests a potential increase of at least 70%.
According to the trader’s analysis, Bitcoin (BTC) is currently heading towards the indicator’s previous high, which stands at $52,000. This corresponds to BTC’s next likely move, based on similar cycles observed in the past.
A very plausible bullish scenario
It’s important to note that Titan of Crypto had already anticipated this scenario back in August 2022. Indeed, every time Bitcoin (BTC) has crossed the weekly SSA in the past, a rise to its previous ATH has occurred. This scenario has been confirmed in all previous cases.
If bitcoin’s (BTC) rise to $52,000 is confirmed, it may be time to consider a purchase. In fact, this is what Titan of Crypto suggests in its tweet of August 24, 2022: buy when the price crosses the SSA, with weekly confirmation.
Currently, support at $28331 seems to be the best level to take a buy position. If Bitcoin (BTC) reacts explosively upwards from this support, it will confirm the uptrend.
Entry: $28,300 ;
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Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.