Bitcoin Struggling Below $19,000 Price Level
From the $15,540 region, the price of bitcoin began an upward correction.
On the 4-hours chart, a crucial bearish trend line is developing with resistance close to $17,320.
Above $17,500 and $18,000, the price might find it difficult to gain bullish momentum.
Gains were maintained over 1.0400 and 1.1950 for the EUR/USD and GBP/USD, respectively.
Technical Analysis of the Bitcoin Price
Following the demise of FTX exchange, the price of bitcoin against the US dollar significantly decreased. Bitcoin/USD fell below the $16,000 mark and even breached the $20,000 support.
The pair dropped below the $17,000 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average, according to the 4-hours chart (green, 4-hours).
Before the bulls intervened, it traded as low as $15,543. Above the $16,500 barrier level, the price of bitcoin began to rise. A small upward movement took place above the 23.6% Fib retracement level of the primary decline from the swing high of $22,286 to the low of $15,543.
The price is up against a big resistance level at $17,350. On the same chart, a significant negative trend line with resistance close to $17,320 is also developing.
The next barrier is located close to the $18,000 region. It is close to the 50% Fib retracement level of the primary decline from the swing high of $22,286 to the low of $15,543. A closing above $18,000 could perhaps signal the beginning of another gradual rise in the following days.
In the hypothetical situation, the cost might increase to around $19,150. Any additional gains might accelerate a move in the direction of the $20,000 mark.
An early support for the downside is located close to the $16,150 mark. The $15,500 zone is where the primary breakdown support is located. In the following days, bitcoin could fall toward the $13,800 support if there is a negative break.
Economic News To Trade Today
UK Consumer Price Index for October 2022 (YoY): forecasted increase of 10.7% vs. prior increase of 10.1%.
US retail sales for October 2022 (MoM) are expected to increase by 1.0% from the previous month.
Author: Amogo Solomon
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