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Is Bitcoin Getting Ready for an Upward Movement? August 22 BTC Analysis

  • When the hourly chart of Bitcoin is examined, the price shows a sideways movement in the range of $26,300 – $25,900. If the price surpasses the $26,300 resistance, it can move towards the $27,000 target.
  • Short-term investors should carefully monitor support and resistance levels and observe price breakouts.
  • The daily chart of Bitcoin is progressing with movements above $25,800. Sustaining above the $25,800 level can support the upward movement, otherwise the downward trend may strengthen.

The hourly technical chart of Bitcoin shows a sideways movement in the range of $26,300 – $25,900. As the price aims to move towards the $27,000 target by surpassing $26,300, it may show a downward trend towards the $25,900 level if it fails to surpass the $26,300 resistance.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart
Daily BTC/USD Price Chart

When the daily technical chart of Bitcoin is examined, it is observed that the price movements above the $25,800 level continue. If the BTC price can sustain its daily closings above $25,800, it may have the potential to carry the upward movement towards the range of $27,600 – $28,100.

However, if the Bitcoin price makes daily closings below $25,800, it may extend the downward trend to $25,000 first and then to $24,600. Sustaining above $25,800 can allow us to see an upward movement towards $27,600 first, and if it fails to close above $28,400, it may cause us to see a drop back to the $25,000 levels.

Since the price movements of Bitcoin generally affect altcoins as well, it is important to closely monitor the mentioned support and resistance levels.

Short-Term BTC Analysis

Hourly BTC/USD Price Chart
Hourly BTC/USD Price Chart

When the hourly technical chart of Bitcoin is examined, it is observed that the price shows sideways movements in the range of $26,300 – $25,900. If the BTC price can make hourly closings above the $26,300 resistance level, it may aim to continue the upward trend and move towards the $27,000 levels.

However, if the Bitcoin price fails to surpass the $26,300 resistance, it may extend the downward trend towards the $25,900 level. If the BTC price makes hourly closings below $25,900, there is a possibility of continuing the decline towards the $25,600 level.

It is important for Bitcoin investors to closely monitor the mentioned support and resistance levels in the short term. Breakouts at these levels are important to understand the direction in which the price may move.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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