Bitcoin Price Prediction and Analysis for August 22nd: BTC Still Pulled Down

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Technical Analysis

On the weekly timeframe, the Bitcoin remains in the correction phase, which may extend and bring the quotations to the psychologically important level of $7000.00. Upon the end of the correction, a new wave of growth may be expected, confirmed by the ascending dynamics of the MACD and Stochastic. As for the goals, having overcome the current peak, the quotations are likely to aim at $15560.00.

On the daily timeframe of the BTC/USD, a descending correction channel is forming. Upon a bounce off the resistance line of the correction channel, the quotation have headed for a second test of 38.2% Fibo. A successful test and a breakaway may let the quotations go deeper down, to 50.0% ($8600.00) and 61.8% (7350.00). The confirmations here are the descending of the MACD lines, the red histogram and the new impulse of declining.

On H4, there is a new impulse of declining, forming after the correctional growth. The quotations are nearing the local support of $9650.00. A breakaway of this level may open the way to 50.0% (8600.00) Fibo. The subsequent decline should be confirmed by a Black Cross on the Stochastic. The resistance is at $11350.00.

Related Post

Fundamental Analysis

The decline of the Bitcoin continues. On Thursday, August 22nd, the leading cryptocurrency is retreating, trading at $9991.00.

According to the Head of Circle Jeremy Allaire, the current volatility of the Bitcoin has been due to the investor activity on the platforms. This week, market players have been locking in profit after the robust growth of the main cryptocurrency, which, indeed, led to its steep decline. However, this has not prevented Allaire from calling the Bitcoin the stock digital gold.

The BTC is strongly supported by the increased demand of world investors for a safe area, free of global control, where capitals can move independently, without excessive risks. Allaire points out that this factor will only become acuter with time, definitely playing on the side of the BTC.

Meanwhile, according to the creator of the website Roger Ver, the BTC is an excessively slow, expensive and unreliable cryptocurrency. In this light, he views the Bitcoin Cash as a more progressive asset: the size of a block has been changed, which made transactions cheaper and the safety level higher.

Ver explains what exactly has made the Bitcoin a unique product – purposeful filling up the blocks, which simultaneously makes the cryptocurrency appealing and too pricey. The Bitcoin Cash, Ver says, is free of this problem. All in all, criticizing the Bitcoin is normal for Ver as he is famous for poking at its drawbacks. However, there are still no real threats for the leading position of the Bitcoin on the market.

Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Dmitriy Gurkovskiy

Chief Analyst at RoboForex

Published by
Dmitriy Gurkovskiy

Recent Posts

A trader who called the 2010 crypto crash revealed BTC’s next price target and eyeing Tradecurve for massive growth potential

Bitcoin is heading in a downward direction, as its value can decrease by the end…

11 hours ago

Investors pour into TMS Network (TMSN) Even as booming GameFi industry grows Decentraland (MANA) and Shiba Inu (SHIB)

2023 is poised to be the year of GameFi's remarkable rise, bringing exciting opportunities for…

19 hours ago

TMS Network (TMSN) Crypto Shatters Records, Defeating Avalanche (AVAX) and Aave (AAVE)

In the world of cryptocurrencies, a new player has emerged, shaking the foundations of the…

19 hours ago

Web 3.0 HedgeUp (HDUP) Goes Viral Due to Outshine and LBank

In the era of Web 3.0, the cyberspace landscape has been transformed by blockchain and…

20 hours ago

Hotbit shuts down; traders are looking at Tradecurve

Exchanges for cryptocurrencies have grown to be essential parts of the ecosystem since they give…

1 day ago

Crypto Price Today: HedgeUp Presale Trades at $0.020 After Raising $1.8M, Will Solana Reach $300?

The financial news of late has been ripe with stories on crypto, with many investors…

2 days ago