Bitcoin and altcoins such as EOS, BNB, and EOS have bullish technical analysis setups which could be attractive buyers this week. After the July Federal Reserve meeting, the S&P 500’s four-week rally ended last week. This was because the central bank indicated that it will keep raising interest rates until inflation is under control. The S&P 500 fell 1.29% due to a softening of sentiment. Bitcoin (BTC), which is closely linked to the S&P 500, also saw a sharp decline on August 19th. Volume for the asset has fallen by approximately 24%, while its price has risen by 2.3%. BTC dominance stands at 40%.
BTC traded at $21400 as of the writing of this article.
Chart for Bitcoin (BTC).
After hitting a low of $17.622 on 18 June, BITCOIN surged by almost 43% in three months to reach a high of $25.211. The bulls were unable to control the asset, as BTC was faced with stiff resistance at the $25k mark. BTC did not provide a daily closing below $24,500. The asset saw a correction after this move. It formed a ‘Lower Top Lower Bottom” pattern and reached a weekly low of $20761. BTC trades in an ‘Ascending channel’ pattern on a daily basis. It must break above this pattern to rally. BTC is supported at $20,500. If it holds the support, then we can expect an up-move. However, a break below the support or close below it will cause further decline. Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$17,500$20,500BTC$24,500$28,500
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22nd August 2022 ZebPay.