Bitcoin Steady Above $19,000 – Quick Daily Outlook - Forex News by FX Leaders
Bitcoin Steady Above $19,000 - Quick Daily Outlook

Bitcoin Steady Above $19,000 – Quick Daily Outlook

Posted Wednesday, October 19, 2022 by
Skerdian Meta • 1 min read

Bitcoin’s price has fallen below $19,500 against the US dollar. BTC is still trading just above the $19,000 support level and stays in a critical range. BITCOIN price attempted to break through the $19,500 barrier zone. BTC even rose above $19,600, but there was no follow-through move.

The price reached a high of $19,696 and began a downward reversal. The price fell below the $19,500 and $19,400 thresholds. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $19,400.

Bitcoin has traded as low as $19,110 and is now in a range. It trades at the $19,250 mark and the 100-day simple moving average. There was a break over the 23.6% Fibonacci does seem of the latest slide from the swing high of $19,696 to the low of $19,110.

BTC/USD

On the upside, an immediate resistance level is near $19,400. It is near the recent slide’s 50% Fib retracement level from the swing high of $19,696 to the low of $19,110.

Bitcoin (BTC/USD) Technical Outlook

The first significant barrier is located near the $19,680 level. A decisive break above the $19,680 resistance level might kick-start a decent uptrend. In the scenario above, the price may challenge the $20,000 resistance. Any further advances might sustain a rise toward the $21,200 barrier zone.

If Bitcoin fails to break through the $19,400 barrier level, it may continue to fall. On the downside, there is immediate support near $19,100.

The next big support level is around $19,000. A break and closing below the $19,000 support zone could signal the start of a significant downturn. In the scenario above, the price could fall toward the $18,500 support zone.

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