Relevance up to 23:00 2022-08-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Black lines- bullish channel
Red line- bearish divergence
Blue line- horizontal resistance
Bitcoin price started the week on a negative note, slightly lower than the weekends highs. Price remains inside the short-term bullish channel. Although technically trend remains bullish, we have to warn bulls that current market conditions justify a pull back towards $22,000 at least. With the RSI providing bearish divergence signals and price already rejected three times at the horizontal blue line resistance, the chances of a move lower increase dramatically. Bulls better be patient and wait for a pull back before entering new long positions.
