Bitcoin 'very bearish' below $22.5,000, trader says as BTC price plunges 6%
Sudden bearish sentiment sets in as BTC price action returns to a zone not seen since late July.
Market Update
Bitcoin (BTC) fell rapidly on August 19 as the culmination of a week of sideways action ended in disappointment for bulls.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it fell 6.2% in a single hourly candle.
Reacting, traders were hoping that a rebound could allow consolidation above current spot price levels, which were below $22,000 at the time of writing.
“Well, I hope it was a search for cash, otherwise it's over,” a gloomy Crypto Chase told Twitter followers.
Crypto's Il Capo companion account, which had long predicted a return to lower levels, resigned itself to new lows being "only a matter of time".
Consolidation below $22,500, he warned in his latest update, would be “very bearish”.
$BTC
Second option in progress. Any test of 23500 as resistance is a good selling opportunity.
Consolidation below 22500 (clear break + use level as resistance) would be very bearish = 21k or less
New lows are only a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022Before the fall, meanwhile, analyst Venturefounder said...
Sudden bearish sentiment sets in as BTC price action returns to a zone not seen since late July.
Market Update
Bitcoin (BTC) fell rapidly on August 19 as the culmination of a week of sideways action ended in disappointment for bulls.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it fell 6.2% in a single hourly candle.
Reacting, traders were hoping that a rebound could allow consolidation above current spot price levels, which were below $22,000 at the time of writing.
“Well, I hope it was a search for cash, otherwise it's over,” a gloomy Crypto Chase told Twitter followers.
Crypto's Il Capo companion account, which had long predicted a return to lower levels, resigned itself to new lows being "only a matter of time".
Consolidation below $22,500, he warned in his latest update, would be “very bearish”.
$BTC
Second option in progress. Any test of 23500 as resistance is a good selling opportunity.
Consolidation below 22500 (clear break + use level as resistance) would be very bearish = 21k or less
New lows are only a matter of time. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_) August 19, 2022Before the fall, meanwhile, analyst Venturefounder said...
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