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

Written by: Skerdian Meta • Wednesday, September 28, 2022 • 2 min read

• Last updated: Wednesday, September 28, 2022

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.

BTC/USD

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.