Bitcoin price is slowly moving below the $19,200 support against the US Dollar. BTC could slide further if there is a further escalation in the war situation between Russia and Ukraine.
- Bitcoin is slowly moving below the $19,200 and $19,000 levels.
- The price is trading below above $19,500 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $19,260 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could continue lower if there is a clear move below the $18,920 support.
Bitcoin price slides
Bitcoin price remained in a bearish zone below the $20,000 support zone. BTC moved slowly and settled below the support of $19,500 plus the 100 hourly simple moving average.
There was a clear move below the $19,200 support zone, which added pressure on the bulls. Eventually, the price moved below the $19,000 level and traded as high as $18,970. The price is now consolidating losses near the $19,000 pivot level.
Bitcoin price is trading below above $19,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $19,260 on the hourly chart of the BTC/USD pair.
On the upside, there is an immediate resistance near $19,110. It is near the 23.6% Fib retracement level of the recent decline from the $19,559 high to $18,970 low. The next major resistance is near the $19,260 zone and the trend line.
The trend line is near the 50% Fib retracement level of the recent decline from the $19,559 high to $18,970 low. A significant move above the trendline could send the price towards the $19,500 resistance or the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
Further gains could propel the price above the $19,600 resistance. In the mentioned case, the price might surge towards the $20,000 resistance level.
More losses on BTC?
If bitcoin fails to scale above the $19,260 resistance zone, it could continue lower. Immediate support on the downside is near the $19,000 zone.
The next major support is near the $18,920 zone. A downside break below the $18,920 support zone could result in more losses. In the mentioned case, there is a risk of a move towards the $18,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $19,000 followed by $18,500.
Major resistance levels – $19,260, $19,500 and $20,000.
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