This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 26Th August 2022

Bitcoin Prices Steady, BTC is Bearish below $22k

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.

What to Expect from BTC

Trading volumes are comparatively low, pointing to apprehensive traders. For proper trend definition, there must be sharp, high volume, and wide-ranging bars above immediate reaction lines, cementing the current preview or signaling a welcomed shift in trend.

Resistance level to watch: $21.7k

Support level to watch: $20.7k

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020