Extreme Volatility On Crypto Market! Bitcoin Price (BTC/USD) — Technical Analysis — 22/08/22

Relevance up to 10:00 2022-08-23 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.

Crypto Industry News:

The Federal Bureau of Investigation (FBI) explained the origin of the colloquial name. It is about «the way fraudsters feed their victims with promises of wealth before they take all their money.»

As vividly added Lakewood Public Information Officer John Romero, the term «basically refers to a farmer fattening a pig before slaughter.»

The police officer explained that it all starts with social media or dating sites. Criminals mainly use Linkedin and Tinder. There they find and convince their victim to donate some funds to them. Then they place the funds on a cryptocurrency wallet. They also show the victim that digital currencies are gaining in value, causing them to deposit more money into their account. Then the scammer disappears with lots of cryptocurrencies.

According to one of the people who fell victim to criminals, she was initially able to make several withdrawals from the cryptocurrency wallet without any problems. So everything looked legal. Suddenly, however, she received a message stating that she needed to deposit over $ 204,000 in order to access the funds.

Technical Market Outlook:

The BTC/USD pair has been seen testing the lower channel line around the level of $21,000. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.

Weekly Pivot Points:

WR3 — $22,059

WR2 — $21,713

WR1 — $21,486

Weekly Pivot — $21,368

WS1 — $21,140

WS2 — $21,022

WS3 — $20,677

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.

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