Bitcoin Slips to $19,180 – Choppy Session in Play - Forex News by FX Leaders
Bitcoin Slips to $19,180 - Choppy Session in Play

Bitcoin Slips to $19,180 – Choppy Session in Play

Posted Monday, October 3, 2022 by
Skerdian Meta • 2 min read

Bitcoin’s price is battling to break through the $20,000 barrier versus the US dollar. BTC might fall significantly if it falls below the $18,500 support level. BITCOIN maintained its range and remained above the $19,000 support level.

The price currently trades below $19,400 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $19,350.

The pair might begin a new drop if there is a definite move below the $18,500 support. Bitcoin price attempted to break through the $19,000 resistance level.

BTC/USD

BTC has risen above the $19,250 mark and the 100 hourly simple moving average. Price accelerated beyond the $19,500 barrier level and surged above $20,000. Above the $20,000 resistance level, though, the bears were active. A high was near $20,177, and the price began declining.

There was a drop below the $19,500 mark. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $19,350. Bitcoin is trading below the $19,400 mark and the 100 hourly simple moving average.

The price has created a low near $18,937 and is consolidating losses. It is trading at the 23.6% Fib retracement level of the recent slide from the swing high of $20,177 to the low of $18,937.

On the upside, the $19,400 level and the 100 hourly SMA act as immediate resistance. The next significant resistance level is $19,560. It is near the recent slide’s 50% Fib retracement level from the swing high of $20,177 to the low of $18,937.

A decisive break above the $19,560 barrier level might spark a new uptrend. The price could possibly breach the $20,000 resistance zone in the described scenario. The next significant resistance level is at $20,500.

What if Bitcoin Breaks Below Support?

If Bitcoin fails to break over the $19,560 barrier level, it may begin a new downturn. On the downside, there is immediate support near $19,000.

The next significant support level is around $18,580. The key support is near $18,500, below which a steep drop to $18,000 is possible. Any further losses could lead to a dip toward the $17,500 support.

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