Bitcoin (BTC) Price Analysis: A Look at the 1-Day Charts (19-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is still going sideways on the lower timeframes. The price has been trading within the same zone for weeks now, and there hasn’t been any pressure from either side. The trading volume is also low at the moment, and the market seems to have stabilized around the $19K region. The macro trend for Bitcoin is bearish, but we can still witness some upside movement once the price moves out of this consolidation zone. Let’s take a quick look at the latest BTC charts to see where the price could be headed in the short term.
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Analyzing the 1-Day Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price has been struggling to break above the resistance at $19,600 for weeks now. The price managed to get above this level a couple of weeks back but lost momentum and dropped back within a few days.
The support level that has been holding the price up here is still the $18,600 mark. It is an area that has been acting as major support for over a month now.
On the other hand, we can also notice that the price is forming a higher low on the daily timeframe. BTC has been going sideways for a while now, and we can expect it to break above $19,600 in the coming days and retest the resistance at $20,400 once again.
We can also expect the price to further up if the bulls finally gain some momentum after breaking above $19,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,200 mark and has been struggling to gain any serious momentum on the lower timeframes. The price seems to be in a relaxed position at the moment, as both the bulls and the bears are not pushing too hard. Right now, we are keeping our eyes on the resistance at $19,600, and if the price closes a daily candle above it, we can expect some short-term bullishness for Bitcoin.
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