Bitcoin (BTC) Price Analysis: Flipping $20,400 into Support (27-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,700 mark and is looking quite bullish on the lower timeframes. The price is now trading in an open area and could climb further in the coming days. The support level we are currently watching for BTC on the lower timeframes is the $20,400 mark. It is the area that was previously acting as strong resistance, and now BTC has flipped it into support on the lower timeframes. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price has moved out of the consolidation zone and is no longer restrained.
The $20,400 mark kept the price low for a good while, and we can now see Bitcoin moving above this level. If BTC successfully flips this level into support, we can expect another breakout in the coming days.
The next level we will be eyeing in that scenario is the $21,500 mark. An area that acted as resistance a couple of months ago.
It looks likely that the price will touch this mark in the coming hours or days, and we will see BTC continue the uptrend.
We are also expecting Bitcoin to break above $21,500 and retest the previous major resistance at $22,600. Bitcoin will likely touch that level before correcting itself again toward the downside.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $20,700 mark and is showing bullish signs on the lower timeframes. Right now, we will be eyeing the $21,500 mark and placing our trades accordingly. We can also expect some sideways movement around $20,400 before Bitcoin makes another move. The macro trend is still bearish, and in the mid-term, we could have further correction after a small relief rally.
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