Bitcoin (BTC) Price Analysis: Rejection at $24,200 (01-Aug)

7:53 am, Mon, 1 August 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $23,300 mark and has been mostly trading sideways for the past three days. The price was moving in an uptrend on the lower timeframes last week, but it was also facing strong resistance around the $24,200 mark. After rejection around this region, it is likely that the trend will shift for BTC and we will see the price drop further in the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

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Analyzing the Charts

The support level we are watching for Bitcoin right now on the 4-hour and lower timeframes is the $23,200 mark. The price is currently trading just around this region and if it starts closing candles below it things will get bearish for Bitcoin.

It will also confirm our speculation that this last uptrend has been a bull trap for Bitcoin and the price will go down further.

Also, if we take out the Fibonacci retracement tool, we can see that this area is also at the 0.618 level from the local top to bottom.

If the price closes a 4-hour candle below this level, we could expect big movement towards the downside. The main level we will be watching in case of downside movement is the $20,600 mark.

The $20,600 has plenty of significance as it has acted as both support and resistance in the past. The price would likely find good support here before it continues towards the downside.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading around the $23,200 mark and could drop further in the coming hours or days. The price has been going sideways over the weekend but now we can expect it to make a move. If BTC starts closing 4-hour candles below $23,200, we will be interested in shorting the price from there. A move towards the upside seems unlikely at the moment.

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