Bitcoin Price Analysis (BTC) – August 22
Bitcoin is going through a rough patch at the moment against U.S.Dollar as its price has been steadily dropping since 2days ago.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $11,200, $11,700 $12,200
Support Levels: $9,000, $8,500, $8,000
Bitcoin kept tumbling for the whole day, today’s price fall took it below $10,000 from above $10,138. The current fall is a significant one, after struggling for days it had just started recovering. BTC traced a dip even below $9,796 recently, currently correcting above the mentioned price mark. However, the medium-term outlook of the coin is likely to become bullish.
As Bitcoin has been put under $10,000, recovering from this below would be its priority. The coin may take some more time to be able to reach $11,000. The next resistance of the coin may come at $10,800. Presently, the price of Bitcoin is below the 21-day moving average, which suggests that the coin is falling. If the bearish momentum continues, the market of BTC will reach the next low of $9,000, $8,500 and $8,000 support levels.
Moreover, if we have more buyers and BTC price fluctuates upward and break the $10,500 support level, the cryptocurrency’s price could surge upward to reach the potential resistance levels at $11,200, $11,700 and $12,200. The stochastic RIS faces downward, which indicates that Bitcoin price is still bearish.
BTC/USD Medium-term Trend: Bearish (4H Chart)
Bitcoin (BTC) has broken all expectations of a price recovery anytime soon by falling below $10,000. The price is currently trading near $9,980 level and the chances of falling are higher than its upward movement. With the latest downward price swings, the coin could not show any significant signs of growth over the last 24 hours.
However, on the upside, the next level of resistance to watch out for lies at $11,000 and above but BTC couldn’t fight the resistance as it continued the downward movement. Moreover, BTC/USD smashed past $9,980 and a significant drop below this support may cause new technical support at $9,000 and below. The MACD and stochastic RSI for BTC/USD on the hourly chart is sending out negative signals.
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