22 August Bitcoin Price Technical Forecast: Bitcoin trades above $6,800

Bitcoin price is trading in the green on Tuesday 22 after adding about $400 in less than 30 minutes. Is Bitcoin’s outlook on the chart positive? What does the following 22 August Bitcoin Price Technical Forecast show?

22 August, AtoZ Markets – The world’s largest digital asset by market capitalization has jumped 4 percent pushing the price above $6,800 for the first time in weeks. Bitcoin opened the trading session at $6,476.97 and traded intraday highs of $6,875.10.

The cryptocurrency not only reentered the broken rising wedge support at the 50% Fib retracement level with the last swing high of $7,148.96 to a swing low of $5,914.15, it broke out of the resistance at $6,632.31.

The price trade above the medium-term stubborn resistance at $6,800, but stalled short of $6,900. At the time of press, BTCUSD is trading at $6,743 after subtle corrections from the resistance.

22 August Bitcoin Price Technical Forecast

Bitcoin is likely to settle in a bullish flag pattern supported by the 61.8% Fib level at $6,676.44. The trend is slightly bearish at the moment, but the outlook of the chart is still positive.

The stochastic oscillator on the hourly chart is retracting from the oversold to show that the sellers are pushing for entries. The MACD momentum indicator, on the other hand, is deep in the positive region signaling that the buyers still have the control.

A support above $6,700 is vital to the buyers who at the moment, have their eyes set on retesting $6,800 and $6,900 in the near-term. It is apparent now that $7,000 is within reach for Bitcoin in the Month of August in spite of the slight dip below $6,000.

BTCUSD hourly chart

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