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Bitcoin (BTC) Price Analysis for August 14

Sun, 08/14/2022 - 14:01
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Denys Serhiichuk
Can one expect slight correction of Bitcoin (BTC) before further rise?
Bitcoin (BTC) Price Analysis for August 14
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though bulls are still controlling the situation on the market, some coins have already entered a correction phase.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin has seen almost no change since yesterday, while the price has risen by 5.85% over the last week.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has broken the local support level at $24,516. If buyers cannot restore the initiative, one can expect a sharp fall to $24,200-$24,400 by the end of the day.

BTC/USD chart by TradingView

On the larger time frame, Bitcoin (BTC) has made a false breakout of the nearly formed resistance level at $24,921, meaning that bulls are not yet ready to conquer the crucial $25,000 zone.

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However, if the rate remains above the support at $24,190, growth may possibly occur soon.

BTC/USD chart by TradingView

From the midterm point of view, the main cryptocurrency is about to close the weekly candle bullish, confirming buyers' presence. In this case, the more likely scenario is a test of the mirror level at $25,400 by the end of the current month.

Bitcoin is trading at $24,448 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.