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15.08.202223:43 Forex Analysis & Reviews: Bitcoin analysis for August 15th, 2022.

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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.

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