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Bitcoin (BTC) Price Analysis for August 19

Sat, 08/19/2023 - 13:21
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Denys Serhiichuk
When can traders expect local growth of Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for August 19
Cover image via www.tradingview.com

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Despite the sharp market drop, most of the coins keep trading in the red zone.

Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has fallen by 2.12% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the narrow channel between the support at $25,798 and the resistance at $25,997.

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Ethereum (ETH) Price Analysis for August 18

If buyers lose the $25,900 mark, the drop may continue to the $25,600-$25,700 area shortly.

BTC/USD chart by TradingView

Image by TradingView

On the bigger time frame, traders should pay attention to the mark of $26,000. If a false breakout of it happens and the bar closes above it, buyers may locally seize the initiative, which can lead to a bounce back to the $26,400 range soon.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, the price of BTC is on the way to test the local support level of $24,756. However, if the candle closes far from it, one can expect a correction to the $26,000 zone by the end of the month.

Bitcoin is trading at $25,882 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.