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Bitcoin Price Analysis; August 20, 2022

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Bitcoin price fell as low as $20,800. Currently, BTC is making an attempt to recover and the $20,800 level is a critical support. In case BTC manages to surpass $21,500 in short-term, we could see a new rally to follow. As long as Bitcoin remains below the SMA10, it is likely to plunge further. Here is a summary of Bitcoin price in the past 24 hours:

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  • BTC found support at $20,788 and bounced back to recover.
  • Currently, the price is below $21,800 and the 1-hour candles are below the SMA100.
  • On the 4-hour chart, we see a broken uptrend at $21,300.
  • To prevent short-term decline, BTC must surpass the $21,500 level indefinitely. In case of losing $20,800, the downtrend will gain momentum.

Bitcoin Price Action Analysis

BTC lost the $21,300 support and fell down to $20,800. Subsequently, the price broke an uptrend on the 4-hour chart at $21,300. With that, the lowest recorded price for BTC is at $20,788. By reaching this point, the buyers rose to support the price and pushed it back up. At this point, Bitcoin has regained the $21,000 level but is still trading below $21,800. The 1-hour candles are below the SMA100. On the 1-hour chart, we see a new downtrend forming with resistance at $23,000.

The first resistance level for BTC is at $21,500. Breaking through this level could pave the way for short-term growth. In which case, the $21,800 near the 23.6% Fibonacci retracement level will be the next resistance.  After that, the $22,000 and the $22,250 will come next. However, the key resistance level for Bitcoin price is the $23,000. This level is on a downtrend in the 1-hour chart and the SMA100. Furthermore, it is also located on the 50% Fibonacci retracement level.

On the other hand, if Bitcoin price fails to surpass the $21,500, there could be a new downtrend. For this scenario, the $20,780 is the first support level. Following that, we will have the $20,500, $20,400 and $20,000. With that, the $19,820 will come next.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.

RSI: the 1-hour relative strength index is currently below 50.

Resistance levels: Right now, the $21,500, $21,800 and $23,000 are crucial resistance levels for BTC.

Support levels: The $20,780 and $20,500 are currently the key support levels for the price.


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