Bitcoin Price Still Consolidates, What Could Trigger A Nasty Drop

Oct 21, 2022 04:00 am Cryptocurrency 130

Bitcoin price is struggling to climb higher above $19,200 against the US Dollar. BTC could start a major decline if it breaks the $18,900 and $18,500 support levels.

Bitcoin failed to gain pace and remained in a bearish zone below $19,500.

The price is trading below $19,400 and the 100 hourly simple moving average.

There is a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a steady recovery if there is a clear move above $19,200 and then $19,500.

Bitcoin Price Continues To Struggle

Bitcoin price attempted a move towards the $19,500 resistance zone. BTC remained in a bearish zone and even failed to clear the $19,400 level. A high was formed near $19,344 and there was a fresh decline.

The price declined below the $19,200 level and tested $18,950. A low is formed near $18,938 and the price is now consolidating losses. It traded ..

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