Bitcoin (BTC) Price Analysis: A Quick Look at the Lower Timeframes (11-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is still moving quite slowly on the lower timeframes. The price is once again trading below the resistance at $19,600, and we can expect sideways movement in the coming hours. BTC has not moved much in the last month and has mostly been hovering around the $19,000 mark. The price needs to break out of this consolidation zone with strong volume, and only then will we be able to see Bitcoin move along. Let’s take a quick look at the latest 1-hour charts for Bitcoin to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 30-minute charts for Bitcoin, we can see that the price is trading below the resistance at $19,600 and is heading toward the major support at $18,600.
The $18,600 region is a major support level. As long as the price is trading above this area, we can expect Bitcoin to make a move toward the upside. However, we can also notice that the price has found some sort of support at $19,000 and could also bounce from here.
If the price bounces from here, there is a good chance we will see Bitcoin break above the $19,600 mark. If that happens, we will be heading towards the $21K region once again.
On the other hand, if the price continues to drop, we will observe closely and see how it reacts to the major support at $18,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19K region and has been going sideways for the past few days. The market has not been as volatile as usual lately, and we see the price consolidate around the $19,000 region. Right now, we will be watching this zone closely and will be aiming for the $18,600 mark. How the price reacts to $18,600 will tell us what we can expect from BTC in the immediate short term.
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