Bitcoin to Gain Support at $18,450 – Triangle Pattern in Play
Bitcoin began a new drop from the $19,500 barrier level against the US dollar. BTC is in danger of falling sharply below the $18,500 and $18,000 levels. BITCOIN fell again when the Fed raised interest rates to 3.25%.
The price currently trades below $19,200 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a breach below a key bullish trend line with support near $19,000. The pair must remain above the $18,200 barrier to avoid further losses in the near term.
Bitcoin’s price attempted to rise above the $19,200 mark. However, BTC failed to break through the $19,500 resistance zone, remaining in a negative zone. As a result, a bearish reaction occurred below the $19,000 mark. The Fed’s rate hike from 2.75% to 3.25% caused a dramatic drop. On the hourly chart of the BTC/USD pair, there was a breach below a key bullish trend line with support near $19,000.
Bitcoin is trading below the $19,200 mark and the 100 hourly simple moving average. The price dropped as low as $18,140 after retesting the $18,200 zone. It has already begun to consolidate losses above the $18,200 support level. There was a move over the 23.6% Fib retracement level of the latest downturn from the swing high of $19,675 to the low of $18,140. On the upside, the $18,775 level represents an immediate barrier. The next big barrier is located near $19,000.
The 50% Fib retracement level of the latest slide from the swing high of $19,675 to the low of $18,140 is also near the $19,000 mark. The biggest resistance is building near the $19,200 region and the 100 hourly simple moving average. Closing above $19,200 may raise the likelihood of a rise above $19,650. Any further advances could push the price to the $20,000 resistance level.
What If BTC/USD Slips Below Support?
If Bitcoin does not return to over $19,000, it may continue to fall. On the downside, there is immediate support near $18,200. The next significant level of support is around $18,000.
A clean break below the $18,000 level might set the stage for a greater drop. In the mentioned case, the price could reach $17,000.
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