CRYPTO NEWS TODAY – Bitcoin Price (BTC/USD) – Technical Analysis – 22/08/22

CRYPTO NEWS TODAY – Bitcoin Price (BTC/USD) – Technical Analysis – 22/08/22
Timestamps
Intro: (0:00)
Bitcoin and Ethereum Gain Traction: (1:39)
ADA and SOL Accelerate: (2:47)
Crypto News: (3:44)
Bitcoin Price: (4:32)
Ethereum Price: (5:23)
Outro: (05:42)
The BTC/USD pair has been seen testing the lower channel line around the level of $21,000. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.

The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.