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
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
22nd August 2022 ZebPay.
