Bitcoin Slips Under $19,000 – Triple Bottom to Act as Support
Bitcoin could not hold above the $20,000 resistance level versus the US dollar. BTC is falling and may perhaps breach the $18,250 support level. BITCOIN failed to hold above the $20,000 resistance level and began a new drop. 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 break below a significant bullish trend line with support near $19,450. The pair might go below the $18,250 support level in the short term.
Bitcoin price attempted to break through the $19,500 resistance level. BTC surpassed the $20,000 resistance level and the 100 hourly simple moving average. The crypto market, however, saw renewed selling interest when the US Dollar regained momentum. As a result, the bitcoin price peaked near $20,383 and began to fall. There was a significant drop below the $20,000 level.
Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a significant bullish trend line with support near $19,450. The pair fell underneath the 61.8% Fib retracement level of the upward run from the swing low of $18,645 to the high of $20,383. It trades under $19,000 and below the 100 hourly simple moving average. With a bearish bias, strong support on the downside is located near the $18,600 level. On the upside, an immediate resistance level is approaching $19,000.
The next significant barrier is the $19,200 level and the 100 hourly simple moving average. Closing above $19,200 might kick-start a decent gain. In the above scenario, the price may jump to $19,500. Any further advances could push the price into the $20,000 barrier zone.
More Bitcoin Losses?
If Bitcoin does not return above the $19,200 barrier level, it may continue to fall. On the downside, there is immediate support near $18,500. The next significant support level is around $18,250.
It is around the 10236 Fib extension level of the upward run from the swing low of $18,645 to the high of $20,383. Any further losses could lead to a slide toward the $17,500 support level in the coming sessions.
