Bitcoin (BTC) stayed stubbornly anti-trend on Aug. 22, with its price hovering around $26,000. Popular trader Jelle referred to the intraday movements as the “death chop”, noting a lack of liquidity on the Binance BTC/USD order book. According to relative strength index (RSI) readings, Bitcoin was heavily oversold, but refused to offer any form of recovery bounce.Material Indicators warned that a lower low (LL) could risk even $20,000 support going forward. However, trader Michaël van de Poppe noted the heavily oversold signals being generated by RSI, suggesting a potential V-shape recovery back up to $26,500 or more. Jelle also compared the current price action to September 2020, just before the start of the previous bull market.
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Jelle, Michaël van de Poppe, Material Indicators |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
