Bitcoin 2022 — Will the true maximalists please stand up for it?

May 11, 2022

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Bitcoin price drops 6%, trader says. As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls. BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView New lows are “just a matter” Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD dropped 6.2% in an hourly candle. Reacting, traders believed that a rebound would allow consolidation higher than the current spot price levels (which were below $22,000 at the time this article was written). “Well, I hope that it was liquidity seeking, otherwise, it’s over,” a sad Crypto Chase said to followers. Crypto account Il Capo, a fellow account, had long predicted a return at lower levels. He was now content with new lows being “just an issue of time.” He warned that consolidating below $22,500 would be “very bearish” in his most recent update.
$BTC Second option is available. A test of 23500 resistance is a great selling opportunity. A consolidation below 22500 (clean break + using the level of resistance) would be extremely bearish = 21k and lower It is only a matter time before we see new lows. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW — il Capo Of Crypto (@CryptoCapo_) August 19, 2022
Venturefounder , an analyst, stated that any price below $23,000 would make Bitcoin a reasonable price to purchase in the long-term. He also said that it was unlikely that Bitcoin has exited its bear markets so far. He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold. However, there were signs of buying emerging below key Bear Market support levels such as the 200 week moving average or key whale entry level. BTC/USD 1-week candle chart (Bitstamp) with 200-week moving average. Source: TradingView CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC. Bitcoin exchange outflows chart. Source: CryptoQuant Ether retraces August gains Altcoins felt the impact of Bitcoin’s three-week lows. Similar: Options data indicates that Bitcoin’s short-term uptrend could be at risk if it falls below $23K The largest altcoin market cap was Ether ( ETH), which traded at $1,750. ETH/USD 1-day candle chart (Binance). Source: TradingView Other major tokens also lost more than 11%. Dogecoin ( DOGE) was the worst performer of the top ten, dropping 13.6%. “Bear bias now, unless $1790 reclaimed/flipped for support,” Crypto Chase added to ETH in a separate tweet. These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

Tags: — 2022 Bitcoin crypto Features for it. Margin maximalists please real right stand the true, will

Jon May 11, 2022

Jon

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Opinion writer on 7trade7