Technical Analysis for BTCUSD for 19th August 2022
Bitcoin Crashes below the Rising Channel, BTC May Sink to $19k
Past Performance of BTC
After encouraging gains from mid-June and July, Bitcoin prices are edging lower when writing. BTC is down seven percent on the last trading day and 13 percent from August 2022 highs. Per the arrangement in the daily chart, sellers have the upper hand following losses on August 17, which saw BTC slip below a primary support trend line and the rising channel, and today’s confirmation.
Bitcoin Technical Analysis
Considering the current state in the daily chart, Bitcoin traders may look to liquidate on every attempt in the smaller time frames. This is especially so considering the sharp break below $22.5k, a critical support level anchoring August 10 lows. Notably, there has been confirmation of August 17 bear candlestick and with today's bar wide-ranging and with relatively high participation levels, it is highly likely that BTC may continue to crumble. This trend will mirror losses of early June in a bear continuation formation that may see BTC drop below 2022 lows.
What to Expect from BTC
The current liquidation has invalidated the uptrend set in motion in late July 2022. With strong rejection from $25.3k, the next leg down may continue to unwind gains in a bear trend continuation pattern of early June 2022.
Resistance level to watch: $24.5k
Support level to watch: $19k
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