Bitcoin (BTC) Price Analysis: A Bounce from the Support at $19,000? (20-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is still looking quite stagnant on the lower timeframes. The price has been struggling to move out of this zone for weeks now, and there has not been much buying or selling pressure as of late. The macro trend for Bitcoin is still bearish as the market still has not reversed on the macro timeframes. However, the movement on lower timeframes has also been minimal, and BTC is struggling to make a leap in either direction. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
If we take a quick look at the 30-minute charts for Bitcoin, we can see that the price is currently bouncing back from the support at $19,000.
Bitcoin has been quite slow on the lower timeframes for the past few days, but a successful bounce from $19,000 will be good for momentum. It is also likely that Bitcoin will break above $19,600 and retest the resistance at $20,400 as soon as it gains some momentum.
On the other hand, if the price does not bounce successfully and falls back to $19,000, it could remain there till the end of the week. We can also expect the support to break over the weekend. The next level we will be eyeing in that scenario is the major support at $18,600.
The $18,600 mark is a major support level, and the price will likely start moving sideways after a retest of this support.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much this week and is mostly showing sideways movement on the lower timeframes. The price has been stuck within the same zone for weeks now, and there has not been enough volume or pressure from either side to move the price out of consolidation. Right now, we are observing the consolidation zone closely and will not be placing any short-term trades for the next couple of days.
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