• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Thursday, February 2, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Bitcoin Price Witnessed Sharp Sell-Off, Further Volatility On Chart?

August 21, 2022
in Bitcoin
Reading Time: 4 mins read
A A
ShareShareShareShareShare

Related articles

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March  – Technology Bitcoin News

February 2, 2023

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023

Bitcoin price has witnessed a sharp fall over the 24 hours and the reason for the same is unknown. The coin witnessed excessive selling pressure causing price to dip by 9% in the past day.

Most gains that Bitcoin secured in a week were lost due to the recent price drop.

Over the past weeks Bitcoin had continued to form an ascending trendline, it happens often that the coin witnesses a price breakout after moving in an upward trendline for sometime.

Technical outlook for the coin painted a bearish picture as buying strength declined considerably in just a day.

Bitcoin was unable to push itself above its resistance level of $25,500. This might have caused the crypto to lose momentum and break below the trendline.

Push from buyers were lacking hence sellers had taken over. At press time the bears were back on the chart. The bears might bring in further losses for the coin if buyers don’t come to the rescue.

Bitcoin Price Analysis: Four Hour Chart

Bitcoin was priced at $21,200 on the four hour chart | Source: BTCUSD on TradingView

BTC was trading for $21,200 at the time of writing. Over the last 24 hours, the coin lost 9% of its market value as it broke below the trendline.

The inability to push over the resistance level of $25,500 could have caused it to lose its positive momentum on the chart. Overhead resistance for the coin is at $22,000, if Bitcoin manages to rise over the aforementioned then the other resistance mark stands at $23,000.

A fall from the current price level will drag Bitcoin price to $20,200 but a move to $19,000 could be just a matter of time.

Amount of Bitcoin traded in the last session was less, signifying the sellers were dominating the market.

Technical Analysis

Bitcoin Price
Bitcoin witnessed decreased buying strength on the four hour chart | Source: BTCUSD on TradingView

The coin underwent a substantial loss in buying strength as it depreciated 9%. Bitcoin price was in the oversold region, however at press time it noted an uptick.

Despite an uptick Bitcoin’s selling pressure was more than buying pressure.

On the Relative Strength Index the coin was seen in the undervalued and oversold zone. Bitcoin price was under the 20-SMA line, this reading signified that sellers were driving the price momentum in the market.

Bitcoin Price
Bitcoin displayed sell signal on the four hour chart | Source: BTCUSD on TradingView

The fall in buying strength made Bitcoin price portray sell signal on the chart. The Moving Average Convergence Divergence depicts the price momentum and the reversal in the same. MACD underwent a bearish crossover and flashed red histograms which are also considered sell signal for the coin.

The Directional Movement Index indicates the direction and price momentum. DMI was negative as the -DI line was above the +DI line. The Average Directional Index was near the 40-mark which translates to the current price momentum gaining strength, this could mean further dips for Bitcoin price.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Why Bitcoin Is Digital Real Estate – Bitcoin Magazine

Next Post

Bitcoin Could Never Be Invented In A University – Bitcoin Magazine

Related Posts

Optimism Plans to Enhance L2 Scaling Network With ‘Bedrock’ Upgrade in March  – Technology Bitcoin News

February 2, 2023

The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in...

Bitcoin, S&P 500 almost hit golden cross as bullish trend grows

February 2, 2023

As we enter the second month in Q1 2023, bitcoin investors and Wall Street could have a reason to smile...

Indian Retail Chain Enables CBDC Payments In Stores

February 2, 2023

Digital currency is becoming popular as several countries have begun launching their own central bank digital currency (CBDC) while promoting...

BTC Jumps to 6-Month High Above $24,000 – Market Updates Bitcoin News

February 2, 2023

Bitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision....

Bear Market Setbacks Have Left Bitcoin Miners Behind Their Gold Counterparts

February 2, 2023

Digital gold mining companies suffered harsher drawdowns than their legacy counterparts in 2022.Bitcoin’s prominent memetic narrative as “digital gold” begs...

Load More
Next Post

Bitcoin Could Never Be Invented In A University - Bitcoin Magazine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

I’ll Take Salary in CBDC

January 17, 2023

Shiba Inu Shibarium on verge of beta version launch

January 16, 2023

Should Crypto Investors Get Ready To Celebrate Regulatory Involvement?

January 5, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Defiance ETFs to Close NFTZ ETF After Just 13 Months
  • Bitcoin Price Heading Back Towards $24,000 – Did Wednesday’s Liquidity Grab Give It The Boost It Needed?
  • Federal lawmakers eye cryptocurrency regulations – KWKT – FOX 44

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,534.00-0.80%
  • ethereumEthereum(ETH)$1,648.570.35%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$324.772.24%
  • usd-coinUSD Coin(USDC)$1.000.10%
  • rippleXRP(XRP)$0.411179-0.89%
  • binance-usdBinance USD(BUSD)$1.000.18%
  • cardanoCardano(ADA)$0.3997130.43%
  • dogecoinDogecoin(DOGE)$0.091461-3.09%
  • matic-networkPolygon(MATIC)$1.19-0.70%
  • okbOKB(OKB)$39.955.42%
  • solanaSolana(SOL)$24.34-2.57%
  • staked-etherLido Staked Ether(STETH)$1,642.580.41%
  • polkadotPolkadot(DOT)$6.561.37%
  • shiba-inuShiba Inu(SHIB)$0.0000121.71%
  • litecoinLitecoin(LTC)$99.12-1.39%
  • avalanche-2Avalanche(AVAX)$21.261.38%
  • tronTRON(TRX)$0.0639160.94%
  • uniswapUniswap(UNI)$7.134.68%
  • daiDai(DAI)$1.000.01%
  • cosmosCosmos Hub(ATOM)$14.37-3.27%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,455.00-1.08%
  • chainlinkChainlink(LINK)$7.12-1.33%
  • ToncoinToncoin(TON)$2.37-1.05%
  • leo-tokenLEO Token(LEO)$3.370.37%
  • moneroMonero(XMR)$173.10-2.67%
  • ethereum-classicEthereum Classic(ETC)$22.480.45%
  • AptosAptos(APT)$17.24-5.26%
  • bitcoin-cashBitcoin Cash(BCH)$137.261.15%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.092048-0.38%
  • apecoinApeCoin(APE)$5.90-2.46%
  • quant-networkQuant(QNT)$144.52-2.70%
  • nearNEAR Protocol(NEAR)$2.451.00%
  • filecoinFilecoin(FIL)$5.47-3.75%
  • crypto-com-chainCronos(CRO)$0.080408-0.46%
  • lido-daoLido DAO(LDO)$2.28-0.36%
  • algorandAlgorand(ALGO)$0.2567232.14%
  • vechainVeChain(VET)$0.024162-2.69%
  • hedera-hashgraphHedera(HBAR)$0.067230-3.64%
  • fantomFantom(FTM)$0.604.65%
  • internet-computerInternet Computer(ICP)$5.79-4.37%
  • decentralandDecentraland(MANA)$0.79-1.87%
  • axie-infinityAxie Infinity(AXS)$11.23-1.67%
  • aaveAave(AAVE)$88.810.58%
  • the-sandboxThe Sandbox(SAND)$0.75-2.53%
  • eosEOS(EOS)$1.07-0.80%
  • flowFlow(FLOW)$1.11-1.19%
  • elrond-erd-2MultiversX(EGLD)$45.122.37%