Weglokocs: weekend volatility ‘expected’ with $22K level to hold

 Weglokocs: weekend volatility ‘expected’ with $22K level to hold

BTC/USD could hit $30,000 if the current daily trend of higher highs and lows continues, one trader says as the market avoids weekend losses.

Daily chart gives trader $30,000 target

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing overnight to once again sit near the top of its established trading range.

After multiple attempts to break out above range resistance at $23,500, the pair appeared to still be stuck in limbo at the time of writing, but hopes of bullish continuation were already there.

“Expecting more volatility over the wknd,” on-chain monitoring resource Material Indicators wrote in part of its latest Twitter update on Aug. 5.

“If the Bear Market Rally can push BTC above 25k there isn't much friction to 26k - 28k range. Losing the trend line would be bad for bullish hopes and dreams.”

$28,000 would be over 20% higher than the current spot price and would represent a near two-month high.

Material Indicators included a chart showing the trendline mentioned sitting at $22,000 — around Bitcoin’s current realized price.

The chart further showed bid support increasing immediately below spot, while major resistance lay at $24,500.

BTC/USD buy and sell levels (Binance) with trendline. Source: Material Indicators/ Twitter😊😊

Monthly RSI hints BTC price comeback is beginning

Turning to on-chain data, PlanB, pseudonymous creator of the stock-to-flow family of Bitcoin price models, again flagged relative strength index (RSI) performance flipping bullish.

Related: ‘Insane evidence’ Bitcoin has capitulated in past 2 months — analysis

RSI is a core metric which shows how comparatively overbought or oversold BTC is at a certain price, and in June it hit its lowest levels ever.

Now rebounding, RSI could even signal an end to the 2022 bear market, PlanB suggested.