Bitcoin price slips below key support amid escalating war between Russia and Ukraine

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

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

Bitcoin price candle

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-hour 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 over $19,500 and the 100 hourly simple moving average. There is also a continuous 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 near the 23.6% Fib retracement level of the recent decline from the $19,559 swing high to the $18,970 low. The next major resistance lies near the $19,260 zone and the trendline.

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

Source: BTCUSD on TradingView.com

Any further gains could send the price above the $19,600 resistance. In the indicated case, the price could rise towards the $20,000 resistance level.

More losses in BTC?

If bitcoin fails to rise above the $19,260 resistance zone, it may continue to move lower. 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 call for more losses. In the indicated case, there is a risk of a move towards the $18,500 support zone.

Technical indicators:

Hourly MACD – MACD is now picking up speed in the bearish zone.

Hourly RSI (Relative Strength Index) – 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.