Bearish Confirmations Hover the Bitcoin (BTC) Rally: Price Primed to Hit $22,500 This Month-End
Bitcoin price has now been rejected from $24,000 for the ‘nth’ time from now and appears to slash hard below $23,000 in the coming days. While the buying volume has apparently dropped in the past couple of days, the possibilities of a quick rebound also appear pretty low. Therefore, a significant drop may be expected in the coming days.
With the current price movements, the BTC price is displaying a couple of probabilities of draining within a deep bearish trend. As suggested by the popular analyst, currently, the star crypto has two options and woefully both are bearish.
$BTC Two options, both bearish.1) Up to 25400-25500 and then reversal of this medium tf bullish trend, straight to new lows.2) Straight to new lows from here.Bearish confirmations: below 23500 and below 22500Bullish continuation: consolidation above 26k — il Capo Of Crypto (@CryptoCapo_) August 16, 2022
The analyst says here that, the Bitcoin prices may rise high beyond $25000 and eventually drop hard to hit $23,500 or $22,500 too. In an extended case, the BTC price could continue to plunge hard and form new lows ahead.
Conversely, the BTC price may validate a bullish confirmation if in case the asset ranges beyond $26,000. However, the possibilities of such a breakout appear pretty less as, as per the chart let out by the analyst, the asset does not carry any bullish momentum in the near future.Source