Bitcoin Turns Down From $21,800 And Continues New Selling

Aug 22, 2022 at 09:42 // Price
Coin Idol
Bears are trying to resume the selling pressure

Bitcoin (BTC) price is in a downtrend while making an upward correction to the high of $21,800.

Bitcoin price long term forecast: bearish

Bitcoin buyers failed to redeem the cryptocurrency as they failed to keep the price above the $22,000 resistance. On the other hand, Bitcoin could have risen above the moving average lines or the high of $23,400 if the buyers succeed above the high of $22,000. 

Moreover, the BTC price would resume the uptrend. Today, the bears are trying to resume the selling pressure as Bitcoin is facing rejection at the high of $21,800. On the downside, the bears will try to retake the current support at $20,790. However, if Bitcoin falls back below the $20,790 support, the downtrend will resume. Bitcoin will continue to fall to the lows of $18,912 and $17,605.

Bitcoin (BTC) indicator reading

 Bitcoin is at level 36 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in a downtrend and approaching oversold territory while declining. The cryptocurrency will continue to decline as long as the price bars are below the moving average lines. 

Nevertheless, the BTC price is below the 40% area of the daily stochastic. The market is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.


Technical Indicators 

Key resistance zones: $30,000, $35,000, $40,000

Key support zones: $25,000, $20,000, $15,000 

What is the next direction for BTC/USD?

BTC/USD has resumed selling pressure and faces rejection at $21,800. The downtrend will continue if the bears fall below the support at $20,790. On the weekly chart, a candlestick has tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that the BTC price will fall to the Fibonacci retracement level 1.272 or $11,822.39.


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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