Bitcoin value is slowly shifting decrease beneath the $19,200 assist towards the US Greenback. BTC may slide additional if there may be additional escalation in Russia-Ukraine struggle scenario.
- Bitcoin is slowly shifting decrease beneath the $19,200 and $19,000 ranges.
- The value is buying and selling beneath above $19,500 and the 100 hourly easy shifting common.
- There’s a connecting bearish pattern line forming with resistance close to $19,260 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to maneuver down if there’s a clear transfer beneath the $18,920 assist.
Bitcoin Value Slides
Bitcoin value remained in a bearish zone below the $20,000 support zone. BTC slowly moved and settled beneath the $19,500 assist plus the 100 hourly easy shifting common.
There was a transparent transfer beneath the $19,200 assist zone, rising strain on the bulls. Lastly, the value moved beneath the $19,000 stage and traded as little as $18,970. The value is now consolidating losses close to the $19,000 pivot stage.
Bitcoin value is buying and selling beneath above $19,500 and the 100 hourly simple moving average. There may be additionally 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 stage. It’s close to the 23.6% Fib retracement stage 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 stage of the latest decline from the $19,559 swing excessive to $18,970 low. A transparent transfer above the pattern line may ship the value in direction of the $19,500 resistance or the 100 hourly easy shifting common.
Supply: BTCUSD on TradingView.com
Any extra good points may ship the value above the $19,600 resistance. Within the acknowledged case, the value may rise in direction of the $20,000 resistance stage.
Extra Losses in BTC?
If bitcoin fails to rise above the $19,260 resistance zone, it may proceed to maneuver down. A direct 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 beneath the $18,920 assist zone may name for extra losses. Within the acknowledged case, there’s a threat 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 Power Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Help Ranges – $19,000, adopted by $18,500.
Main Resistance Ranges – $19,260, $19,500 and $20,000.