Bitcoin’s price has been slowly falling below the $19 200 support level against the US Dollar. If the Russian-Ukraine conflict situation escalates, BTC may slide even further.
- Bitcoin prices are slowly dropping below $19 200 and $19,000, respectively.
- The 100-hourly simple moving average and price are both below $19,500.
- On the hourly chart for the BTC/USD pair, there is an apparent bearish trend line connecting with resistance close to $19,000. (Data feed from Kraken).
- A clear break below $18,920 could cause the pair to continue falling.
Bitcoin Price Drops
Bitcoin prices remained below $20,000 support. BTC moved slowly and fell below the $19 500 support level plus the 100 hourly simple movement average.
The bulls were under increasing pressure after a sharp move below $19,200. The price finally fell below $19,000 and was traded as low at $18,970. Now, the price consolidates losses close to $19,000.
Bitcoin’s price has fallen below $19500, the 100-hourly simple moving mean. On the hourly BTC/USD chart, there is a bearish trend line connecting with resistance at $19,260.
The $19 110 level provides immediate support. This is close to the 23.6% Fib Retracement level for the decline from $19,559 high to $18,970 lowest. It is located near the trend line and in the $19260 zone.
The trend line lies close to the 50% Fib level of recent fall from the $19 559 swing high to $18,970 lower. The trend line could be crossed if the price moves above it. This would put the price at the $19,500 resistance level or 100 hourly simple moving mean.
Source: BTCUSD at TradingView.com
Price gains could push the price higher than the $19600 resistance. If this is the case, then the price might rise above the $19,600 resistance.
BTC: More losses
Bitcoin could fall if it fails to climb above $19,260. Support for the downside lies near $19,000.
Next major support will be near $18,920. More losses may be possible if the downside breaks below $18,920. The risk is that the price will move to the $18,500 support area in the above scenario.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $19,000, followed by $18,500.
Major Resistance Levels – $19,260, $19,500 and $20,000.
