Bitcoin worth is slowly shifting decrease under the $19,200 assist towards the US Dollar. BTC might slide additional if there’s additional escalation in Russia-Ukraine warfare state of affairs.
- Bitcoin is slowly shifting decrease under the $19,200 and $19,000 ranges.
- The worth is buying and selling under above $19,500 and the 100 hourly easy shifting common.
- There is a connecting bearish pattern line forming with resistance close to $19,260 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to maneuver down if there’s a clear transfer under the $18,920 assist.
Bitcoin Price Slides
Bitcoin worth remained in a bearish zone below the $20,000 support zone. BTC slowly moved and settled under the $19,500 assist plus the 100 hourly easy shifting common.
There was a transparent transfer under the $19,200 assist zone, rising strain on the bulls. Finally, the worth moved under the $19,000 degree and traded as little as $18,970. The worth is now consolidating losses close to the $19,000 pivot degree.
Bitcoin worth is buying and selling under above $19,500 and the 100 hourly simple moving average. There can be a connecting bearish pattern line forming with resistance close to $19,260 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $19,110 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $19,559 swing excessive to $18,970 low. The subsequent main resistance sits close to the $19,260 zone and the pattern line.
The pattern line is near the 50% Fib retracement degree of the latest decline from the $19,559 swing excessive to $18,970 low. A transparent transfer above the pattern line would possibly ship the worth in direction of the $19,500 resistance or the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
Any extra beneficial properties would possibly ship the worth above the $19,600 resistance. In the acknowledged case, the worth might rise in direction of the $20,000 resistance degree.
More Losses in BTC?
If bitcoin fails to rise above the $19,260 resistance zone, it might proceed to maneuver down. An quick assist on the draw back is close to the $19,000 zone.
The subsequent main assist is close to the $18,920 zone. A draw back break under the $18,920 assist zone would possibly name for extra losses. In the acknowledged case, there’s a danger of a transfer in direction of the $18,500 assist zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.
Major Support Levels – $19,000, adopted by $18,500.
Major Resistance Levels – $19,260, $19,500 and $20,000.
