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Bitcoin Price Analysis; October 18, 2022

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Once again, Bitcoin price failed to surpass $20,000. It is likely for BTC to have another correction. However, the $18,900 support Is currently too strong. Here is a summary of Bitcoin price in the past 24 hours:

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  • Bitcoin price failed to break through $20,000.
  • Currently, the price is below $19,400 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see a new downtrend forming with resistance at $19,250.
  • BTC is likely to move toward $18,900 in short-term.

Bitcoin Price Action Analysis

With a recovery, Bitcoin managed to move above $19,500 and at some point reached $19,800. However, the sellers took control and pushed BTC down. With that, BTC climbed only as high as $19,939 and then had a correction.

Subsequently, the price lost the $19,500 and $19,400. The sellers brought BTC down below the 50% Fibonacci retracement level from the latest rally from $18,271 to $19,939. At the moment, BTC is trading below $19,400 and the 1-hour candles are below the SMA100. On the 1-hour chart, we see a new downtrend forming with resistance at $19,250.

The $19,220 is the first resistance for BTC followed closely by $19,250. Breaking through this level can pump BTC back above $19,500. Despite that, the primary resistance is still the $20,000. Further growth can push the price all the way up to $21,200.

On the other hand, if Bitcoin price fails to surpass $19,250, the correction will continue. In which case, the $19,000 is a key support level followed closely by $18,900. This level is close to the 61.8% Fibonacci retracement level from the latest rise. Dipping below $18,900 can increase the selling pressure and bring BTC down to $18,500.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.

RSI: the 1-hour relative strength index is currently at 50.

Resistance levels: Right now, the $19,250, $20,000 and $20,500 are crucial resistance levels for BTC.

Support levels: The $18,900 is currently the key support level for the price.


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