Bitcoin Price Analysis: Rejected At 19922 - 5 September 2022

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BTC/USD Rejected by 19922:  Sally Ho’s Technical Analysis – 5 September 2022
Bitcoin (BTC/USD) extended its depreciation early in the Asian session as the pair came off to the 19588.27 area before failing to sustain a break of the 19922.06 area, representing a test of the 61.8% retracement of the appreciating range from 19513.74 to 20582.64.  Some upside activity followed that saw BTC/USD ascend to the 19915.16 area, representing a test of the 38.2% retracement of the depreciating range from 20444 to 19588.27.  BTC/USD lost 18% of its market valuation in August and has shed around 81% year-to-date in 2022.  Traders were unable to get BTC/USD to sustain a short-lived break above the 24558.33 level during the month of August, an area that represents the 50% of the depreciating range from 31549.21 to 17567.45.  Following the recent selling pressure, additional significant technical areas on the downside include the 16990.14, 14500.15, and 10432.73 areas. more info