Bitcoin Sideways Trading Continues – Wait for a Breakout - Forex News by FX Leaders
Bitcoin Sideways Trading Continues - Wait for a Breakout

Bitcoin Sideways Trading Continues – Wait for a Breakout

Posted Monday, September 26, 2022 by
Skerdian Meta • 2 min read

Bitcoin still holds the crucial $18,500 support level versus the US Dollar. BTC must rise above the $20,000 barrier level to enter the positive zone. BITCOIN is fighting to break through the $19,500 resistance level.

The price currently trades below $19,000 and the 100 hourly simple moving average. On the hourly timeframe of the BTC/USD pair, a strong negative trend line is forming with resistance near $19,020. The pair might spark a new surge if there is a clear move just above the $19,500 resistance zone.

Bitcoin Trading Sideways

Bitcoin’s price made yet another attempt to break through the $19,500 resistance level. On the other hand, BTC struggled and created a short-term top near $19,400. The price fell after reaching a high of $19,392. The price fell below $19,000 and the 100 hourly simple moving average. The pair has fallen as low as $18,645 and is now consolidating losses. Above $18,800, there was a slight increase.

BTC/USD

Bitcoin price has risen just above the 23.6% Fib retracement level of the latest slide from the swing high of $19,392 to the low of $18,645. On the upside, the $19,000 level and the 100 hourly SMA act as immediate resistance.

On the hourly timeframe of the BTC/USD pair, a strong negative trend line is forming with resistance near $19,020. The trend line is close to the 50% Fib retracement level of the latest slide from the swing high of $19,392 to the low of $18,645.

The next significant resistance level is at $19,500. A close above $19,500 might spark a new rush to $20,000. The price may begin to move steadily into the $21,500 barrier zone if there are more advances.

What if Bitcoin Breaks Below Support?

If Bitcoin does not recover over $19,500, it may begin a new slide. On the downside, there is immediate support near $18,650.

The next big support is $18,500. A clean break below the $18,500 level might set the stage for a new drop. In the aforementioned case, the price may reach $17,500. Good luck!

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments