Bitcoin (BTC) Price Prediction for August 22
The market is mainly green today, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has risen by 3.42% over the last 24 hours.
On the hourly chart, the price of BTC has blasted after a breakout of the $113,472 level. As most of the daily ATR has been passed, there are low chances of seeing increased volatility by tomorrow.
On the longer time frame, the rate of the main crypto is rising after a bounce off from the support level of $111,919. However, Bitcoin (BTC) might need more time to accumulate energy for an ongoing rise.
In this case, sideways trading in the area of $115,000-$118,000 is the most likely scenario.
From the midterm point of view, the price of BTC has made a false breakout of the support of $111,919. In this case, one should focus on the weekly candle’s closure. If it happens far from that mark, bulls may again seize the initiative, which may lead to a test of the $120,000 mark.
Bitcoin is trading at $116,750 at press time.
