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Bitcoin (BTC) Price Analysis for August 18

Thu, 08/18/2022 - 16:04
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Denys Serhiichuk
Can one expect midterm bearish trend?
Bitcoin (BTC) Price Analysis for August 18
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The market is neither bullish nor bearish as some coins are in the red zone, while others are in the green.

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The rate of Bitcoin (BTC) is almost unchanged since yesterday.

BTC/USD chart by TradingView

On the local chart, Bitcoin (BTC) is coming back to the recently formed support level at $23,348. If the pressure continues until the end of the day, the breakout may cause a sharp drop to the $23,280 zone soon.

BTC/USD chart by TradingView

Bulls could not even fix above the $23,500 mark, which means that there are more chances to see a further decline rather than a bounceback. Thus, the selling volume has increased, confirming bears' power. In this case, there is a possibility to expect the test of the $23,000 mark by the end of the week.

BTC/USD chart by TradingView

On the weekly time frame, Bitcoin (BTC) has made a false breakout of the $25,000 mark against the low volume. The midterm trend might change to bearish only if the candle closes below the vital support level at $22,400.

Bitcoin is trading at $23,435 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