Technical Analysis for BTCUSD for 26Th August 2022

Past Performance of Bitcoin

BTC prices are stable when writing and down five percent in the last seven trading days. There might be hints of strength, considering how bars are in the daily chart. While positive, sellers are dominant, and the immediate trend remains bearish. If anything, Bitcoin is within a bear breakout formation, and sellers have the upper hand from volume analysis.

Bitcoin Technical Analysis

Prices are higher from this point last week as bulls correct the undervaluation of August 21. Even so, gains are not in double digits, and prices are in a narrow range inside a $1k zone with caps at $21.7k and $20.7k. The range is a bear flag that, if prices dump below $20.7k, may initiate a Bitcoin leg down to $19k in a bear continuation formation. However, on a brighter outlook, gains above $22k may be enough to draw buyers expecting prices to expand towards August 19 highs of $23.2k in a rest. Whether this could warrant traders to initiate longs will primarily depend on breakout volumes, gauging participation levels, and how wide-ranging the breakout bar is.