• Bitcoin price follows technicals forecasted three weeks in advance.
  • At current time, the BTC price has fallen 8% since the catalyst marker was issued.
  • Traders in profit should apply cautionary measures. Weekend liquidity hunts should not be ruled out.(read below)

No FUD Fridays

A Bitcoin price analysis based solely on technical and on-chain analysis. 

"Because only Chads and Steves care about the news."

Bitcoin price is in profit

Bitcoin price has validated the bearish trade setup forecasted throughout the week. The BTC price is halfway towards its first target but cautionary measures should be applied.

tm/btc/8/19/22

BTC Trade Setup 

]Since August 1, the Bitcoin  price has been coiling within a wedge-like formation. Two weeks ago, while BTC price traded $22,800, many news headlines started calling for an imminent sell-off. A warning was issued to FX subscribers not to participate in the FUD as higher liquidity levels at $24,800 and potentially $25,400 stood a high chance at getting breached. 

“Bitcoin price currently auctions at 23,905. There is a clear bearish divergence on the daily chart, prompting the sellers to aim for lower targets consistently. Still, the liquidity levels at $24,800 and $26,950 have not been breached. An ideal bearish scenario would be a breach into these levels….”

tm/btc.8.2

How To Trap A Hungry Bear Thesis

 

Bitcoin price managed to tag the first target at $24,800 and in doing so revealed more of the strength of its character for future price targets. A forecast was issued on August 18 calling for an end of the uptrend if and when $23,125 where to get breached,

“The safest way to approach this short will be a daily close below the level followed by a pullback into the breached trendline. If the bears can accomplish two attempts at $23,125 in said manner, a plummet of up to 20% will be on the cards, targeting $18,600.”

tm/btc/nofud

NO FUD Just Charts Thesis 

 

The following day an updated analysis provided justification for opening the anticipated short position as momentum and divergence provided more confidence in taking the trade.

“The last marker BTC price will need to justify opening a short position is a breach below $23,125 (as mentioned in previous outlooks). Invalidation of the downtrend scenario (providing that $23,125) is a breach above $26,800.”

tm/btc/8/19/22

BTC/USDT 1-Hour Chart

On-chain Analysis

The most noteable on-chain analysis, which confounded the current sell-off, was spotted seven days in advance on August 12.

tm/btc/9/19/22

Original Post

"Additionally, Santiment’s Active Transactions Indicator  shiows  a considerable uptick in daily transactions. On May 4, May 14, and June 24, the indicator showed a similar sporadic upswing, each time followed by a minimum 20% plummet in the Bitcoin price shortly after.”

Whats to come? 

Because the weekend approaches a wider stop was issued to avoid being tagged by smart money operatives. Bitcoin price can still rally once more into the $25,000 to collect liquidity so it is best to either take profit now or at most near $18,900. Traders can also move the profitable trade into break even, or accept holding a very risky position over the weekend. For now traders who partook in the trade setup are currently in profit 0.5x times their initial risk capital and counting.


tm/btc/8/19/22

BTC/USDT 1-Hour Chart
 

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin Weekly Forecast: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP