Bitcoin analyst: price should not fall below this level

Bitcoin (BTC) is down 1.9% in the past 24 hours and is down 1% since midnight. The current price at the time of writing is $23,480 on crypto exchange Coinbase and €23,080 on the Dutch exchange bitvavo. Trading volume fell 10.3% in the past 24 hours. The total market cap of bitcoin at the time of writing is $450 billion and bitcoin dominance stands at 40%.

Bitcoin news from yesterday

Beginning of bearish price action?

In the Bitcoin analysis of August 12, we discussed the bearish rising wedge pattern that bitcoin was forming. At the moment, the price appears to be in the downward movement we expected as the breakout has started at the bottom of the pattern. For it anyway higher high, higher low In order to keep the pattern alive, bitcoin cannot fall further than $22,400. This would mean that we have a lower bottom, which invalidates the uptrend. We therefore keep a close eye on this level.

Premium crypto analysis of the day: ADA

Recently, a new technical analysis for cardano (ADA) was shared in the Discord Community from Crypto Insiders. This chart shows that based on an Elliot Wave analysis, an increase towards the red sell zone is expected and then a possible sharp decline. This is because the price forms an ABC pattern where the C wave always ends up between 100% and 123.2% of the Fibonacci series. The first target was around $0.59. After a few days, the price managed to hit this target. ADA’s share price had risen about 20% since the buy zone.

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Image 1: The above ADA analysis was shared in our Discord area for members on August 7, 2022.

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.

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