Bitcoin Price Falls Below Key Support Amid Escalating Russia-Ukraine War

Bitcoin price is slowly moving below the $19,200 support against the US Dollar. BTC could slide further if there is a further escalation in the war situation between Russia and Ukraine.

  • Bitcoin is slowly moving below the $19,200 and $19,000 levels.
  • The price is trading below the $19,500 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $19,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move lower if there is a clear move below the $18,920 support.

Bitcoin Price Slides

Bitcoin price remained in a bearish zone below the $20,000 support zone. BTC moved slowly and settled below the $19,500 support plus the 100 hourly simple moving average.

There was a clear move below the $19,200 support zone, increasing the pressure on the bulls. Finally, the price moved below the $19,000 level and traded as low as $18,970. The price is now consolidating losses near the $19,000 pivot level.

Bitcoin price is trading below $19,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $19,260 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,110 level. It is close to the 23.6% Fibonacci retracement level of the recent drop from the $19,559 high to $18,970 low. The next major resistance lies near the $19,260 zone and the trend line.

The trend line is near the 50% Fib retracement level of the recent drop from the $19,559 high to $18,970 low. A clear move above the trend line could send the price towards the $19,500 resistance or the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

Further gains could send the price above the $19,600 resistance. In the indicated case, the price could rally towards the $20,000 resistance level.

More losses in BTC?

If Bitcoin fails to break above the $19,260 resistance zone, it could continue to decline. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,920 zone. A downside break below the $18,920 support zone could lead to more losses. In the indicated case, there is a risk of a move towards the $18,500 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 below the 50 level.

Major support levels: $19,000, followed by $18,500.

Major resistance levels: $19,260, $19,500 and $20,000.

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