Bitcoin ‘very bearish’ below $22.5K says trader as BTC price dives 6%

Bitcoin (BTC) fell quickly on Aug. 19 because the fruits of per week’s sideways motion led to disappointment for bulls.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

New lows “only a matter of time

Knowledge from Cointelegraph Markets Professional and TradingView adopted BTC/USD because it dropped 6.2% in a single hourly candle.

Reacting, merchants hoped {that a} rebound might permit for consolidation larger than present spot worth ranges, which have been below $22,000 on the time of writing.

“Properly, hopefully that was liquidity searching for, in any other case it is over,” a dismal Crypto Chase told Twitter followers.

Fellow account Il Capo of Crypto, who had lengthy forecast a return to decrease ranges, was resigned to new lows being “only a matter of time.”

Consolidation below $22,500, he warned in his newest replace, can be “very bearish.”

Previous to the drop, in the meantime, analyst Venturefounder said that any worth under $23,000 can be a “respectable worth to purchase in the long run,” including that it was unlikely that Bitcoin had exited its bear market up to now.

Relative energy 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 under key bear market assist ranges together with the 200-week shifting common and key whale entry ranges.

BTC/USD 1-week candle chart (Bitstamp) with 200-week shifting common. Supply: TradingView

In accordance with knowledge from on-chain analytics agency CryptoQuant, change outflows for the primary few hours of Aug. 19 already totaled 21,500 BTC.

Bitcoin change outflows chart. Supply: CryptoQuant

Ether retraces August features

On altcoins, the knock-on affect of Bitcoin’s return to three-week lows was predictably keenly felt.

Associated: Choices knowledge reveals Bitcoin’s short-term uptrend is in danger if BTC falls under $23K

Ether (ETH), the biggest altcoin by market cap, was down 5.2% on the day on the time of writing, buying and selling close to $1,750.

ETH/USD 1-day candle chart (Binance). Supply: TradingView

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 until $1790 is reclaimed/flipped to assist,” Crypto Chase added about ETH in a part of a separate tweet.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your personal analysis when making a call.