Bitcoin (BTC) Price Analysis: Sideways Movement Continues Over the Weekend (17-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and has been going sideways for the past couple of days. The price failed to flip the resistance at $19,600 into support on Friday and we saw BTC fall back within the consolidation zone once again. Bitcoin has been pretty stagnant for the past month and is struggling to gain momentum. The trend on the macro timeframes is still bearish and we could expect the price to drop once again in the coming weeks. However, it is also likely that we will see some short-term bullishness for Bitcoin soon. Let’s take a quick look at the latest 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, we can see that the price has fallen back within the consolidation zone below $19,600. It is an area where the price has looked for accumulation in the past weeks as well.
Bitcoin needs to break out of this consolidation zone convincingly and to do that it will also have to get above the resistance at $20,400. Once the price gets above this level, we will have confirmation that BTC has finally moved out of this consolidation zone.
On the other hand, if the selling pressure starts building up and the price struggles to hold the major support at $18,600, BTC will be continuing the macro trend.
The next level to watch in that scenario is the $17,600 mark. It is the bottom support that held the price in last month as well.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and is still struggling to gain any momentum on the lower timeframes. The price has not moved much in the past few weeks and there isn’t enough trading volume either. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to react and break out of this consolidation zone.
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