YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Bitcoin Price Recovery Won’t Be Easy, Why Bears Target Additional Weakness

October 12, 2022
in Bitcoin
Reading Time: 2 mins read
A A
Bitcoin Price Recovery Won’t Be Easy, Why Bears Target Additional Weakness
ShareShareShareShareShare

You might also like

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News

January 28, 2023
Whale Alert Discovers Large XRP Moves – What Does It Mean?

Whale Alert Discovers Large XRP Moves – What Does It Mean?

January 28, 2023

Bitcoin price is struggling below the $19,200 support against the US Dollar. BTC remains at a risk of more losses below the $18,500 support in the near term.

  • Bitcoin is showing bearish signs below the $19,200 and $19,500 levels.
  • The price is trading below above $19,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it stays below the $19,500 level for a long time.

Bitcoin Price Slides Further

Bitcoin price settled below the $20,000 support zone. BTC is following a slow and steady decline below the $19,500 pivot level and the 100 hourly simple moving average.

The price even traded below yesterday’s low and tested the $18,850 zone. A low is formed near $18,860 and the price is now consolidating losses. There was a minor recovery wave above the $19,000 resistance level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $19,560 swing high to $18,860 low.

Bitcoin price is now trading below above $19,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,200 level.

There is also a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,560 swing high to $18,860 low.

Source: BTCUSD on TradingView.com

A clear move above the trend line might send the price towards the 100 hourly simple moving average or the $19,500 resistance. Any more gains might send the price towards the $20,000 resistance zone.

More Losses in BTC?

If bitcoin fails to recover above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,850 zone.

The next major support is near the $18,550 zone. A downside break below the $18,550 support zone might trigger another sharp decline. In the stated case, there is a risk of a move towards the $17,800 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $18,850, followed by $18,550.

Major Resistance Levels – $19,200, $19,500 and $20,000.

Credit: Source link

Related Stories

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News
Bitcoin

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News

January 28, 2023
Whale Alert Discovers Large XRP Moves – What Does It Mean?
Bitcoin

Whale Alert Discovers Large XRP Moves – What Does It Mean?

January 28, 2023
Cardano Records 50,000 New Wallets – Will ADA Price Soar?
Bitcoin

Cardano Records 50,000 New Wallets – Will ADA Price Soar?

January 28, 2023
Former FTX Boss, Sam Bankman-Fried, Using Privacy Messaging App, Signal
Bitcoin

Former FTX Boss, Sam Bankman-Fried, Using Privacy Messaging App, Signal

January 28, 2023
Next Post
Is Bitcoin Decoupling From The Economy? – Bitcoin Magazine

Is Bitcoin Decoupling From The Economy? - Bitcoin Magazine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

Elizabeth Warren urges stricter regulation, says solution to crypto fraud begins with the SEC

January 26, 2023
Ether Turns Deflationary Again Led by Spike in NFT Sales

Ether Turns Deflationary Again Led by Spike in NFT Sales

January 24, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,033.00 0.53%
    • ethereumEthereum (ETH) $ 1,569.26 2.13%
    • tetherTether (USDT) $ 1.00 0.11%
    • usd-coinUSD Coin (USDC) $ 1.00 0.09%
    • bnbBNB (BNB) $ 305.40 0.68%
    • xrpXRP (XRP) $ 0.409264 0.92%
    • binance-usdBinance USD (BUSD) $ 1.00 0.15%
    • cardanoCardano (ADA) $ 0.383292 0.92%
    • dogecoinDogecoin (DOGE) $ 0.087956 0.23%
    • matic-networkPolygon (MATIC) $ 1.14 2.85%
    • okbOKB (OKB) $ 38.87 7.27%
    • solanaSolana (SOL) $ 23.95 2.11%
    • staked-etherLido Staked Ether (STETH) $ 1,566.71 2.12%
    • polkadotPolkadot (DOT) $ 6.36 2.52%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 0.14%
    • avalanche-2Avalanche (AVAX) $ 20.58 3.5%
    • litecoinLitecoin (LTC) $ 88.71 0.4%
    • tronTRON (TRX) $ 0.062960 1.31%
    • daiDai (DAI) $ 1.00 0%
    • uniswapUniswap (UNI) $ 6.60 3.79%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,986.00 0.48%
    • cosmosCosmos Hub (ATOM) $ 13.11 1.85%
    • the-open-networkToncoin (TON) $ 2.49 0.51%
    • chainlinkChainlink (LINK) $ 7.17 3.58%
    • leo-tokenLEO Token (LEO) $ 3.77 1.78%
    • moneroMonero (XMR) $ 184.73 2.77%
    • ethereum-classicEthereum Classic (ETC) $ 21.69 1.39%
    • aptosAptos (APT) $ 18.15 1.13%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.57 2.23%
    • stellarStellar (XLM) $ 0.092722 0.12%
    • apecoinApeCoin (APE) $ 6.02 3.88%
    • quant-networkQuant (QNT) $ 148.87 2.64%
    • nearNEAR Protocol (NEAR) $ 2.46 3.63%
    • crypto-com-chainCronos (CRO) $ 0.081237 0.44%
    • filecoinFilecoin (FIL) $ 5.23 2.91%
    • lido-daoLido DAO (LDO) $ 2.24 8.22%
    • algorandAlgorand (ALGO) $ 0.255568 0.11%
    • vechainVeChain (VET) $ 0.024002 3.66%
    • internet-computerInternet Computer (ICP) $ 6.02 0.63%
    • hedera-hashgraphHedera (HBAR) $ 0.067051 5.64%
    • axie-infinityAxie Infinity (AXS) $ 11.31 2.5%
    • decentralandDecentraland (MANA) $ 0.699773 2.12%
    • aaveAave (AAVE) $ 83.82 4.19%
    • eosEOS (EOS) $ 1.09 2.8%
    • the-sandboxThe Sandbox (SAND) $ 0.739349 1.57%
    • fantomFantom (FTM) $ 0.448312 4.6%
    • elrond-erd-2MultiversX (EGLD) $ 44.39 0.91%
    • flowFlow (FLOW) $ 1.05 3.01%
    • theta-tokenTheta Network (THETA) $ 1.07 4.64%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 0.38%