Bitcoin (BTC) Price Analysis: Holding the Support at $18,600 (29-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and hasn’t moved much since our last analysis. The price is still consolidating below the resistance at $19,600, and there aren’t any new developments as of now. The support level we are watching is still the $18,600 mark. In this article, we will analyze the support at $18,600 and why it is the most important level to watch in the short term. We will also take a look at the 1-day charts to see what direction the price could take in the coming days.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $4450 in Bonus
Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe for Bitcoin, we can see that the price tried to break above $19,600 the day before yesterday. However, the price lost momentum after hitting the $20,400 mark and failed to close above the $19,600 mark.
On the other hand, we can notice that the support level ($18,600) we are watching for Bitcoin has been holding the price up for a while now.
We can see that this area has been acting as support on a daily timeframe since June. Once the price breaks below this level, we can see another sell-off for BTC. The bulls are struggling to get above the $19,600 mark, which means the selling pressure is now increasing.
If the price did break below $18,600 on the 1-day timeframe in the near future, the next level we will be watching for BTC is the $17,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and is still looking the same on the lower timeframes. The $18,600 region has been holding the price for almost three months now. It is likely that BTC will break below this level in the coming days, and we will see the bearish trend continue. Once that happens, we will be interested in accumulating more Bitcoin on the lower timeframes.
How to Trade Bitcoin (BTC)?
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus
Recommended Bitcoin Trading Platforms: