Bitcoin (BTC) fell rapidly on August 19 as the peak of the week-long side action ended in disappointment for the bulls.
New lows “is only a matter of time
Data from Cointelegraph Markets Pro and TradingView followed BTC / USD with a 6.2% drop in a single hourly candle.
Reacting, traders were hoping that a rebound would allow for a consolidation above current spot price levels, which were below $ 22,000 at the time of writing.
“Well hopefully he was looking for liquidity, otherwise it’s over”, a gloomy Crypto Chase said Twitter followers.
The colleague Il Capo di Crypto, who for some time had foreseen a return to the lower levels, has resigned himself to new lows being “only a matter of time”.
Consolidation below $ 22,500, he warned in his latest update, would be “very bearish”.
Second option at stake. Any test of 23500 for resistance is a good selling opportunity.
Consolidation below 22500 (break clean + use level as resistance) would be very bearish = 21k or lower
The new lows are only a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
– the Chief Of Crypto (@CryptoCapo_) 19 August 2022
Before the decline, meanwhile, the analyst Venturefounder She said that any price below $ 23,000 would be a “decent price to buy in the long run,” adding that Bitcoin was unlikely to have exited its bear market so far.
The fact that the relative strength index (RSI) is still close to all-time lows spoke to the extent to which BTC / USD has been oversold, he said.
However, there were buy signals that emerged below key bear market support levels, including the 200-week moving average and key whale entry levels.
According to data from on-chain analytics firm CryptoQuant, the exchange outflows for the early hours of August 19 have already stood at 21,500 BTC.
Ether retraces the gains for August
On altcoins, the knock-on impact of Bitcoin’s return to three-week lows was predictably felt.
Related: Options Data Shows Bitcoin’s Short-Term Uptrend Is At Risk If BTC Falls Below $ 23,000
Ether (ETH), the largest altcoin by market cap, fell 5.2% on the day of this writing, trading close to $ 1,750.
Elsewhere, other major tokens lost more than 11%, with Dogecoin (DOGE) the worst performer in the top ten, down 13.6%.
“Now trending bearish, unless $ 1790 is claimed / flipped to support”, Crypto Chase added on ETH in part of a separate tweet.
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