Hard Fall in Bitcoin (BTC)! What are the Important Levels? What’s the Reason for Thinking?

Bitcoin, which made its daily closing at $ 23,191, started the new day with a decline.

#Bitcoin Daily Closing Price: $23191.2

— Bitcoin System (@bitcoinsystem) August 19, 2022

Thus in the morning bitcoin Investors looking at the chart woke up to a crimson market. decreased by 7 percent on average. bitcoinmade the entire market move downwards as well.

When we look at the main altcoins, it is seen that there has been a decrease of 10 to 15 percent in the last 24 hours on average.

When we look at the BTC chart, it is seen that the downward wave started again after the yellow trend line that could not be crossed for a long time. In particular, the price, which could not hold on to the blue support, has fallen to the levels of $ 21,400 in the morning.

In this context, the most important support level is $20,800 and the red trend line is seen. The lack of volume of the decreases may indicate that these may be a buying opportunity.

Investors who take a buy position may prefer to stop at 20.800 or 4 hours or more closes below the red trend line.

On the other hand, it is important that BTC closes above $ 22,400 at the daily close. Because it is possible to say that the downward trend will increase as the closing is made below this level.

What’s the Reason for Thinking?

While it is stated that there is no known reason for the decrease yet, this decrease is estimated to be a classic “long blast” process.

In addition, the fact that the resistance levels have been tested for a long time and not broken is shown as the most important factor triggering the selling pressure.

Latest Situation in Funding Rate

Looking at the funding rate in the hourly period, it is seen that it is close to reset. This shows that the downward pressure has decreased somewhat.

Fear and Greed Index

When we look at the fear and greed index, we see that it has entered the state of fear with 33 points. This rate increased to 47 points last week, and for the first time in a long time, it went from “fear” to “neutral”.

Post Drop Tweet from CZ

CZ, CEO of Binance, one of the largest exchanges in the world, made a statement regarding the declines as “they want to buy it cheap”. Stating that what he said is not investment advice, CZ states that these levels are actually low.

They want to buy cheap.

(Not financial advice.)

— CZ 🔶 Binance (@cz_binance) August 19, 2022