Bitcoin is on a Bearish Run. Why Could $18,910 Drive an Uptrend?

Bitcoin's price gradually falls below the $19,200 support level compared to the US dollar. If the Russia-Ukraine war escalates further, BTC

Skerdian Meta•Tuesday, October 11, 2022•1 min read

Bitcoin is on a Bearish Run. Why Could $18,910 Drive an Uptrend?

Bitcoin’s price gradually falls below the $19,200 support level compared to the US dollar. If the Russia-Ukraine war escalates further, BTC might lose even more. BITCOIN is gradually falling below the $19,200 and $19,000 thresholds.

The price currently trades below $19,500 and above the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a connecting negative trend line is forming with resistance near $19,260. If there is a definite move below the $18,920 support, the pair could continue to fall.

On the bullish side, an immediate resistance level is near $19,110. It is around the 23.6% Fib retracement level of the latest slide from the swing high of $19,559 to the low of $18,970. The next significant resistance is located near the $19,260 level and the trend line.

BTC/USD

The trend line is approaching the 50% Fib retracement level of the latest slide from the swing high of $19,559 to the low of $18,970. A clear break above the trend line might push the price up to the $19,500 resistance level or the 100 hourly simple moving average.

Any further advances could push the price above the $19,600 resistance. The price could increase to the $20,000 resistance level in the described scenario.

Bitcoin Technical Outlook

If Bitcoin fails to break through the $19,260 barrier level, it may continue to fall. On the downside, there is immediate support near $19,000. The next significant support level is around $18,920.

A breach underneath the $18,920 support level could result in more losses. In the instance above, there is a chance of a move toward the $18,500 support zone.

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.