Bitcoin (BTC) Price Analysis: Is this Structure About to Playout?

7:51 am, Fri, 26 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is still trading around the $21,000 mark and has been mostly trading sideways for the past several days. The price has not moved much after losing the support at $22,600 and is consolidating just above the previous major support at $20,600. Bitcoin is moving in a downtrend on macro timeframes, and we can expect the price to break below $20,600 in the coming days. The buying pressure has decreased significantly, and it seems unlikely we will see another push from the bulls in the coming days. Let’s take a quick look at the latest BTC charts to see how the price could play out in the short term.

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Analyzing the Charts

If we take a close look at the 1-hour timeframe, we can also notice that the price is being squeezed a little towards the resistance at $21,700.

It is possible that the price will now form a lower low, and we will see the downtrend continue on the 1-hour timeframe.

On the other hand, if we switch to the 4-hour timeframe, we can notice that the price is still trading within a bear flag pattern.

A bear flag is a bearish continuation pattern that usually forms before a significant price drop. If this pattern plays out successfully in the coming hours or days, we will see another sell-off for Bitcoin.

The support level we will be eyeing for BTC in that scenario is the $19,200 mark. It is a major support level that has held strong in the previous weeks as well.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is still looking bearish on most of the timeframe and could drop further in the coming days. A relief towards $22,600 is still possible, but we can also expect a strong rejection at that level. If Bitcoin does start to break below the bear flag pattern, we will be interested in placing a short trade on the crypto giant.

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