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.
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Bitcoin reaches $41.7K as Ethereum closes $3K
Bitcoin ( BitcoinTC), saw an upbeat action during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Placed bets on $46,000
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD rose $1650 from daily lows to almost matching the $41,700 high in March 16.
This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged.
Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend.
“Macro headwinds are still too strong, but midterm I think we rally before any shot at new or prev lows. He stated that he leans towards the up and down imo late Q2 to followers on Twitter.
Cold feet over micro conditions became a major concern this week, according to Cointelegraph. There were multiple predictions for a major drawdown in major assets, including BTC, this year.
Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
It appears that #Bitcoin used previous resistance ($40.3k), as new support in the last few days
Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG
Matthew Hyland (@MatthewHyland_).
March 18, 2022
Crypto Ed had previously provided a near term forecast of $43,000 BTC/USD, before a potential new consolidation period and then an exit up or down.
He showed them breaking out of the “bull flag” formation they had been in for several days in a later update.
However, Ether ( ETH) was the more interesting focus of the day.
#BTC
Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6
— Ed_NL (@Crypto_Ed_NL)
March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high.
All aboard for the summer “altseason?”
Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18.
Similar: Bitcoin could experience a $37.5K weekend drop before a ‘bigger movement’ next week — report
Avalanche ( AVAX), and ETH led the list. They each climbed over 5% within 24 hours. However, other tokens were generally flat.
The ETH/USD traded at $3,000, up 15% in the last week.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months.
Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin, #Ethereum, and the dominance #altcoins from the various past altseasons to determine when the next #altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel)
March 17, 2022
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