Bitcoin Technical Analysis Report | 22nd August 2022

Bitcoin, and other altcoins like BNB & EOS are showing bullish technical analysis setups that could attract buyers as the broader market starts a recovery rally this week. The S&P 500 ended its four-week rally last week minutes after the July Federal Reserve meeting indicated that the central bank will continue raising interest rates until inflation is brought under control. A softening in sentiment sent the S&P 500 down 1.29% this week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also posted a sharp decline on Aug 19th. The volume for the asset is down by around 24% while price is up by 2.3%. BTC dominance is at 40%.

At the time of writing BTC was trading at $21400.

Bitcoin Chart | 22nd August 2022
Bitcoin (BTC) Chart

BITCOIN after making the low of $17,622 on 18th June surged almost by 43% within three months and made the high of $25,211. However the bulls failed to manage the grip on the asset as BTC faced stiff resistance around the $25k mark and did not give a daily closing above $24,500. Post this move, the asset witnessed a correction by forming a ‘Lower Top Lower Bottom’ pattern and made the weekly low of $20,761. On a daily time frame, BTC is trading in an ‘Ascending Channel’ pattern. To rally, it needs to give a breakout above the pattern. BTC has a strong support at $20,500, if it holds and sustains the support then we can expect the up-move whereas a break or close below the support will lead to further downfall.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$17,500$20,500BTC$24,500$28,500

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

ZebPay Weekly

Subscribe for latest crypto news & stay updated!

    Start Trading Now