Bitcoin (BTC) Price Analysis: Regaining Momentum on Lower Timeframes (12-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $19,600 mark and is showing bullish signs on the lower timeframes. The price broke below the $18,600 mark yesterday and was looking quite bearish in the short term. However, Bitcoin managed to close the day above the $18,600 mark and gained some solid momentum towards the upside. Right now, the price is looking bullish on the 1-hour timeframes and could climb further in the coming hours. Let’s take a quick look at the latest Bitcoin charts to see where the price is 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 is currently trading above the resistance at $19,600.
The $19,600 mark is an important level that has been acting as strong resistance for the past month. BTC has managed to get above this level a few times in this period but has failed to flip it into support every time.
If the price sustains the momentum here and continues to move upward, our next immediate target for Bitcoin will be the $20,400 mark. An area where the price has already faced rejection a couple of times in the past month.
On the other hand, we are entering the weekend, so BTC could also lose momentum in the coming hours. If that happens and the price drops again, we can expect some sideways movement for Bitcoin on the lower timeframes. The support we will be eyeing for Bitcoin is still the $18,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,600 mark and seems to have broken above it on the 1-hour timeframe. Things are looking quite bullish at the moment, but we will still be treading lightly. We are entering the weekend now, and it is likely that the price will drop or continue to consolidate. Right now, we will not be placing any short-term trades on BTC.
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