Bitcoin (BTC/USD) Market Likely to Resume Overall Bearish Trend
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Bitcoin Price Prediction – August 22
BTCUSD market likely to resume overall bearish trend. This projection aligns with the previous price actions around the 68% Fibonacci retracement level at $62000 resistance.
The 9-period simple moving average (SMA) currently sits at approximately $59340, and the price is hovering just above this level at $61340. The Stochastic RSI has entered the overbought region with readings of 90.79 and 75.10, which may indicate a potential reversal as soon as the momentum is exhausted.
BTC/USD Market Key Levels:
Resistance Levels: $62000, $70000, $73840
Support Levels: $56500, $49050, $44000
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is likely to resume its overall bearish trend.
Analyzing the price action, Bitcoin has recently bounced off the 50% Fibonacci retracement level near $59530 after a sharp decline. However, it faces significant resistance around $62000, which aligns with the Fibonacci retracement.
The rejection from this area suggests that the upward momentum may be weakening. The chart also highlights a possible bearish wedge pattern forming, with a breakdown below the rising trendline indicating further downside pressure.
What are the potential price targets for BTCUSD in the near future?
The projection points toward a bearish continuation if BTCUSD fails to hold above $58550. The next significant support level lies around $56500, with a more substantial drop potentially pushing the price down to $49050. If the price breaks below $49050, it could extend toward the $44000 level, marking a strong bearish trend continuation.
BTC/USD – Four-Hour Chart
In this four-hour BTCUSD chart, the price is consolidating between the resistance at $62000 and support at $56500. The Stochastic RSI is in the overbought zone at 84.00, indicating potential downside pressure.
The ascending trendline offers temporary support, but a break below it could push the price toward $56500. A rejection from the order block near $64480 might strengthen the bearish bias, with further declines occurring.
Bitcoin (BTC) Current Statistics
The current price: $61340
Market Capitalization: $1,200,000,000,000
Trading Volume: $34,580,000,000
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