Bitcoin (BTC) Price Analysis: Breaking Above $19,600 (26-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has finally broken above the resistance at $19,600. The price was trading below this level for weeks, and we can finally see it getting a move along on the lower timeframes. We saw a lot of sideways movement for Bitcoin over the last few weeks as the price was accumulating below the $19,600 mark. With the break of resistance, things have started to look a little bullish for Bitcoin, and we can expect further continuation toward the upside. Let’s take a quick look at the latest Bitcoin charts 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 1-hour charts for Bitcoin, we can see that the price has broken above $19,600 and is challenging the $20,400 mark next.
The $20,400 mark is also a crucial resistance level, as BTC has struggled to break above it in the past as well. We have seen Bitcoin break above $19,600 a few times in the past month or so, but it faced rejection at $20,400 on all occasions.
If BTC successfully breaks above this level in the coming hours, things will get quite bullish for it in the short term. The next target we will be eyeing in that scenario is the $21,100 mark.
On the other hand, if the price rejects $20,400 once again, the price will likely break below $19,600 and will head toward the $18,600 mark once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $20,200 mark and is showing bullish signs on the lower timeframes. Right now, the price is trying to break above the resistance at $20,400, and if that happens, we will be interested in placing a long trade on Bitcoin. Breaking above this crucial level could mean some decent bullishness for Bitcoin in the short term.
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