NewsletterBTC Price Analysis- Why Bitcoin Price Could Revisit the $19000 Mark?
The Bitcoin price took a major hit from news and technical analysis. Thus, the US Fed pointed to another interest hike next month to fight the high inflation, which ignited a 7.3% fall on the intraday level. Moreover, the coin chart showed a bearish wedge pattern which triggered the last five days’ downfall, registering a cumulative 12% drop. How low this pattern will lead the BTC price.
Key points BTC Analysis:
- The Bitcoin price has been on a losing streak for the past five days
- The 20-and-50-day EMAs show bearish crossover
- The intraday trading volume in Bitcoin is $35.5 Billion, indicating a 38.8% loss
Source-Tradingview
As per the technical analysis, the ongoing sell-off in the market accentuates that the history has repeated for Bitcoin (BTC) price. Furthermore, as coingape mentioned in their recent article, the coin chart showed the formation of a rising wedge pattern.
Since the November fall, this pattern has emerged twice and depreciated the BTC price by 30-40%. Thus, on august 17th, the price reverted from the local top of $24500 and breached the pattern’s support trendline.
The post-retest fall has plummeted the prices by 8% and currently trades at the $21515 mark.
Furthermore, the crypto market witnessed a significant sell-off today as the St. Louis Fed President James Bullard Hints at a 0.75% rate hike in September. Thus, the coin price continued to drop lower and gave a decisive breakdown from the $22580 support.
After the expected candle closes below the $22580 level, the BTC price could revert higher to retest this breached resistance. If the retest phase sustains below the flipped resistance, the sustained selling may drop the prices to $20770.
However, following the bearish continuation pattern, the BTC price could drop another 12% and reach the $19000 support.
Technical Indicator
EMAs: the coin chart regains a bearish alignment among the crucial EMAs as the falling price nosedive below the 20-and-50-day EMAs. Moreover, a negative crossover between these slopes may attract more sellers to the market.
Relative Strength Index: the daily-RSI slope displayed a sharp drop below the midline, indicating bearish sentiment has taken hold.
- Resistance level- $22580 and $26500
- Support level- $22070, and $19000
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