Bitcoin (BTC) Price Analysis: Trading Below $20,400 (28-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading just below the $20,400 mark and is still looking slightly bullish on the lower timeframes. The price did break above this level yesterday and traded above it for several hours. The $20,400 is a crucial resistance level that has pushed the price down in the past, and BTC must stay above it on a daily timeframe to make a big move in the coming days. If the price moves back within the consolidation zone below $20,000, we can expect further sideways movement for Bitcoin. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the short term.
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Analyzing the Charts
If we switch to the 4-hour timeframe, we can see that the price managed to break above $20,400 but faced rejection around $21K and is trading below once again.
It is likely that the price will come further down during the weekend and will retest the $19,600 mark as support. The $19,600 mark is a crucial level as it has acted as strong resistance in the past weeks. If Bitcoin can manage to bounce from here, the next target we will be eyeing for it is the $21,500 mark.
On the other hand, if the price breaks below $19,600 over the weekend, then we can expect Bitcoin to move back within the consolidation zone and continue sideways once again. If that happens, the $18,600 mark will also come into play once again.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently trading in a crucial area and could make a move towards the upside in the coming days. The price is now moving out of the consolidation zone and must stay above it over the weekend. If Bitcoin manages to stay above $20,400 next week, we can expect some bullishness on the lower timeframes. Right now, we will not be placing any short-term trades on Bitcoin and will be watching the price closely.
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To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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