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Bitcoin price threatens to fall to $20,500 —…

The latest reasons why Bitcoin (BTC) can be booked ...

The price of Bitcoin (BTC) is threatened to continue falling towards US$20,500, after successfully reaching US$25,211 on August 15, 2022. As of Wednesday (17/08/2022), at 14:07 WIB, the number one cryptocurrency was trading at $24,400, up 1.53 percent in the last 24 hours.

On July 18, 2022, Bitcoin broke the descending resistance line that existed since the end of March 2022. The reaction after a relatively weak breakout caused Bitcoin to fail to reach the resistance level. retracement Fib, which is 0.382 at $29,370.

Temporary BTC hit a local high of $25,211 on August 15, created a long top fuse and has been mostly down since then.

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More importantly, the bullish divergence trend line on the daily RSI that preceded the move up has now been broken. This is a sign that often leads to a drop in prices.

If BTC continues to fall, the immediate support area is likely to be around $21,550.

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bitcoin price

Meanwhile, the 6-hour chart shows that BTC is trading within an ascending parallel channel since the June 18, 2022 low. Such a channel usually contains a corrective movement, which means that eventually there will be a big drop.

Bitcoin was rejected by the channel resistance line on August 15, 2022 and has been falling ever since.

If the Bitcoin price breaks out of the line support short-term bullish, bearish towards that area support $21,500 could happen. This area also coincides with the line support channel.

Based on wave analysisindicating that BTC started a five-wave uptrend on July 13, 2022 and is currently in wave three.

The number of scams is shown in yellow, where Bitcoin appears to be on its third scam. For this scenario to work, BTC must stay above the slope of the line support up at this time.

Another short-term count shows that Bitcoin has completed the fifth wave of the main diagonal, thus forming an ascending wedge.

In this case, the wedge breaks and its subsequent fall towards the level support retracement fib 0.5-0.618 between $20,500 and $21,400, before pulling back.

Previously, based on reports Cointelegraphthe price of major cryptocurrencies has jumped to level $25,000, but traders still seem reluctant to take additional risks to increase their profits.

Looking at the BTC price action on the above chart, the price closed quickly bull candle earlier with a stronger selloff after touching level 25,000 US dollars.

bitcoin price

Some analysts also discussed level which is expected to form a pattern double topwhich means that the price of Bitcoin will correct significantly. [ps]

Bitcoin Evolution

 

Bitcoin Evolution

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