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Bitcoin (BTC) Price Analysis for August 18

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Thu, 18/08/2022 - 16:04
Bitcoin (BTC) Price Analysis for August 18
Cover image via www.tradingview.com

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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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BTC/USD

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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