Bitcoin Slips Under $19K – Why BTC Could Go After $18K
Bitcoin has begun a new slide against the US Dollar underneath the $20,000 support level. BTC fell below $19,000 and is vulnerable to a drop
Bitcoin has begun a new slide against the US Dollar underneath the $20,000 support level. BTC fell below $19,000 and is vulnerable to a drop to $18,000. Bitcoin began a new drop and traded just below the $19,500 support level. The price currently trades below $19,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a breach underneath a linking bullish trend line with support at $19,850. In the short term, the pair faces a push towards the $18,000 support zone.
BTC Price Begins New Descent
Bitcoin’s price failed to break through the $20,500 resistance mark. BTC began a new drop, trading just below the $20,000 and $19,500 support levels. Furthermore, on the hourly timeframe of the BTC/USD pair, there was a breach below a connecting positive trend line with support at $19,850. The pair plummeted below $19,200 and the 100 hourly simple moving average. It even fell below $19,000, trading as low as $18,706.
BITCOIN consolidates losses under $19,200 and the 100 hourly simple moving average. On the upswing, an immediate resistance level is approaching $19,050. It is around the 23.6% Fib retracement level of the latest slide from the swing high of $20,197 to the low of $18,706.
The next significant resistance level is $19,350. It corresponds to the latest slide’s 50% Fib retracement level from the swing high of $20,197 to the low of $18,706.
The most significant resistance is building between $20,000 and the 100 hourly simple moving average. A breakthrough above the $20,000 barrier level could spark a new upward trend. In this situation, the price might jump to around $21,200.
More Bitcoin Losses?
If Bitcoin fails to initiate a rebound wave over the $19,050 resistance level, it may continue to fall. On the downside, there is immediate support near $18,700. The next big support is around $18,550. A decisive break just below the $18,700 and $18,550 levels might pave the way for a move towards the $18,000 mark.
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