Bitcoin (BTC) Price Analysis: A Look at the 1-Day Charts (07-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $19,600 and has been going sideways for the past couple of days. We can see that the price is currently testing the $19,600 mark as support on the lower timeframes and could break below it once again. Bitcoin was trading within the consolidation zone below $19,600 for weeks, and it is an area where the price was previously stable. If Bitcoin falls into this zone again, it is likely that we will see the downtrend continue for Bitcoin. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the immediate short term.
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Analyzing the 1-Day Charts
If we take a look at the latest 1-day charts, we can see that the horizontal Bitcoin is currently facing is around the $20,400 mark. It is an area that has been pushing the price down for weeks now.
Also, if we zoom out a little, we can also notice that this is not the only resistance Bitcoin needs to overcome on the daily timeframe. There is a trendline resistance for Bitcoin on the 1-day charts, and it currently seems to be facing a rejection there.
If the price fails to break above this level in the coming days, we can expect Bitcoin to continue the downtrend it has been following on macro timeframes. The next support level we will be eyeing in that scenario is the $18,600 mark.
The scenario is possible if Bitcoin breaks below $19,600 in the coming hours and closes one or more daily candles below it over the weekend.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just above the previous resistance at $19,600 and could break below it one more time. The price face rejection at $20,400 and is again seems to be dropping. If the price remains above this level over the weekend and consolidates, it will be a bullish sign for Bitcoin. Otherwise, we can expect BTC to continue the downtrend it has been respecting for months now.
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