Bitcoin is consolidating losses versus the US Dollar above the $19,200 support level. If there is a clear rise above $19,700, BTC might begin a new uptrend. Bitcoin sees resistance at the $19,550 and $19,600 levels. The price is trading below $20,100 and above the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, there was a break over a critical negative trend line with a resistance of approximately $19,450. If the pair breaks through the $19,700 resistance, it could acquire positive momentum. Bitcoin’s price began a new drop from far above the $20,200 mark.
BTC fell below $20,000 and $19,800, moving into a negative zone. The bears drove the price below $19,500 and the 100 hourly simple moving average. It has traded as low as $19,249 and has just begun a short-term uptrend.
BTC/USD
Bitcoin (BTC/USD) Technical Outlook
On the upside, an immediate resistance level is near $19,550. The next significant barrier is the $19,700 level and the 100 hourly simple moving average. A successful closing above the $19,700 resistance level might drive the price towards the 50% Fib retracement level of the decline from the $20,443 swing high to the $19,249 low.
Any further advances could push the price past the $20,000 resistance level. The price could advance to the $20,500 resistance level in this scenario. If Bitcoin fails to break through the $19,700 barrier level, it may continue to fall.
On the downside, there is immediate support near $19,400. The next significant support level is around $19,250. A breach below the $19,250 support level could result in more losses. In the instance above, there is a chance of a move toward the $18,500 support zone.
Read More:Bitcoin Choppy Session Continues as BTC Stays Under 50-Day MA
2022-10-10 07:51:10
