The Bitcoin price appears to be falling, but this could open up trading opportunities for altcoins such as MATIC, ATOM and CHZ. After Powell’s speech, in which he reiterated the central bank’s aggressive approach to combating an inflationary environment, the US stock market plunged on August 26th. The correlation between the crypto and stock markets was maintained by Bitcoin (BTC), which saw a sharp selloff on August 26th. The crypto’s flagship cryptocurrency is now down 14%. Volume is down by 4.6%, and BTC dominates at 39.7%.
BTC traded at $19 812 as of the writing.
Chart for Bitcoin (BTC).
The Bitcoin prices saw a sharp correction, falling almost 22% from their recent peak of $25,211. They now stand at $19,520. The asset traded in an “Ascending Channel” pattern on a daily basis. It resisted the upper trendline and eventually broke down this weekend. BTC currently has support at $18,500. If it breaks that support, prices could drop further and test the $17,622 previous bottom. However, $20,500 will be a strong resistance. A bearish stance on the asset is indicated by RSI below 50 and downsloping Moving Averages. Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$15,500$17,500BTC$20,500$24,500
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 has not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, correctness, completeness, reliability, or fairness of the 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 cryptos 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.
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