FX.co ★ Bitcoin analysis for August 15th, 2022.

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.