Friday, August 19, 2022

Bitcoin Price Prediction For Today August 18: BTC Price Drops As It Targets Crucial Support At $22K

Bitcoin Faces Fierce Resistance as Key Support at $22,000 - August 18, 2022

Bitcoin (BTC) broke below the 21-day SMA, reaching vital support at $22,000. It is likely that the cryptocurrency will go down and will have to move between the moving average lines in sequence. BTC/USD has been above the $23,170 support for the past 48 hours, but bears are taking over.

Bitcoin price statistics.

Resistance levels: $50,000, $55,000, $60,000. Support levels: $25,000, $20,000, $15,000.

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Bitcoin started a downtrend after breaking below the 21-day SMA line. The cryptocurrency continued to be under pressure from sellers, nearing the 50-day SMA line. The current lowest moving average will be between the bars. However, if the bears break below the 50-day SMA line, Bitcoin will decline and return to the previous low of $20,724. However, if the 50-day SMA support continues, Bitcoin will fluctuate between the 21-day SMA and the 50-day SMA for a few more days. The cryptocurrency will then trend when the moving average lines are broken. Meanwhile, BTC price is at 46 on the 14-period Relative Strength Index. This suggests that the cryptocurrency is in a bearish zone and may fall further.

Canaan, Chinese Mining Giant Doubles Profits Despite Crypto Ban

He said. "The COVID-19-related lockdown in China's major cities has resulted in severe disruptions to our daily operations and demand for our AI chips." The executive director added. “We have been aware of the downward pressure on the price of Bitcoin since the last fourth quarter, and we expect this to cause long-term headwinds for our operations in the coming quarters. However, we believe in the unique value of Bitcoin and its long-term prospects.

Meanwhile, Bitcoin is trading between moving averages as it targets vital support at $22,000. Meanwhile, the downward trend of August 17. The corrective candle tested the 78.6% Fibonacci retracement level. The pullback indicates that the price of BTC will drop to the 1272 Fibonacci retracement level or the $22,891.83 level. Due to price action, the market has fallen to $22,720 at the time of writing.

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