Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! Bitcoin and the wider crypto market experienced slight gains on Wednesday, as a relatively uneventful day on the news front kept markets calm ahead of Friday’s Jackson Hole summit.
According to Wyckoff, “The pause has also produced a “collapse in volatility,” which suggests a bigger price move is on the horizon. Technical odds favor that bigger move being on the downside.”The lackluster breakout attempt by Bitcoin was touched on by independent market analyst Michaël van de Poppe, who posted the following Tweet highlighting the importance of support at $21,500 holding in order to prevent a price move lower.
— Michaël van de Poppe August 24, 2022 What Poppe is now looking for is the establishment of a higher low which would signal that the uptrend remains intact, while a breakdown below $21,500 could lead to a retest of support at $21,100.
I dont think you need to be an analyst to see BTC is in a horrible downtrend. Nor do you need to be an analyst to use the Saylor to Schiff ROC indicator. BTC bulls here are very confusing. Much like those that think TSLA should currently have a market cap of almost $1tn.