Bitcoin (BTC) fell quickly on Aug. 19 as the fruits of every week’s sideways motion resulted in disappointment for bulls.
New lows “just a matter of time”
Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD as it dropped 6.2% in a single hourly candle.
Reacting, merchants hoped {that a} rebound may permit for consolidation increased than present spot price ranges, which have been below $22,000 on the time of writing.
“Well, hopefully that was liquidity seeking, otherwise it’s over,” a dismal Crypto Chase advised Twitter followers.
Fellow account Il Capo of Crypto, who had lengthy forecast a return to decrease ranges, was resigned to new lows being “just a matter of time.”
Consolidation below $22,500, he warned in his newest replace, could be “very bearish.”
$BTC
Second possibility enjoying out. Any take a look at of 23500 as resistance is an efficient promote alternative.
Consolidation below 22500 (clear break + use the extent as resistance) could be very bearish = 21k or decrease
New lows are only a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022
Prior to the drop, in the meantime, analyst Venturefounder stated that any price below $23,000 could be a “decent price to buy in the long term,” including that it was unlikely that Bitcoin had exited its bear market to date.
Relative power index (RSI) being nonetheless close to all-time lows spoke to the extent to which BTC/USD was oversold, he argued.
There have been nonetheless indicators of shopping for rising below key bear market help ranges together with the 200-week transferring common and key whale entry ranges.
According to information from on-chain analytics agency CryptoQuant, alternate outflows for the primary few hours of Aug. 19 already totaled 21,500 BTC.
Ether retraces August features
On altcoins, the knock-on affect of Bitcoin’s return to three-week lows was predictably keenly felt.
Related: Options information exhibits Bitcoin’s short-term uptrend is in danger if BTC falls below $23K
Ether (ETH), the most important altcoin by market cap, was down 5.2% on the day on the time of writing, buying and selling close to $1,750.
Elsewhere, different main tokens misplaced in extra of 11%, with Dogecoin (DOGE) the worst performer within the high ten, down 13.6%.
“Bear bias now unless $1790 is reclaimed/flipped to support,” Crypto Chase added about ETH in a part of a separate tweet.
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