Bitcoin (BTC) Price Analysis: Horizontal Levels to Watch in the Immediate Short-term (12-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $19,000 and is still moving quite slowly on the lower timeframes. The price has been pretty stagnant for the past few days, and we have not seen any major movement for Bitcoin lately. BTC is also still moving within the consolidation zone it has been respecting for the past few weeks. The market is not as volatile as usual, and the price is consistently going back and forth between the $20K and the $19K region. Let’s take a quick look at the latest charts for Bitcoin to see how things are looking 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 seems to be bouncing from the support at $19,000. A retest of this area was inevitable after the price dropped back below $19,600.
We can notice that the price has been moving very slowly on the lower timeframes and is struggling to gain momentum. If we see a jump for BTC in the coming hours, it is likely that the price will end up breaking above $19,600 once again. The next level to watch in that scenario is the $20,400 mark.
On the other hand, it is more likely that the price will continue sideways-movement here and will drop below $19,000 eventually.
It is a move that is more likely to take place, and the next level we will be watching in this scenario is the $18,600 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is trading around the $19K region and still has not made any significant moves. The price has been moving within the same region for weeks now and is struggling to gain momentum. Things are still looking quiet for Bitcoin, and we are not expecting any major moves right away. We will be watching the above-mentioned region closely and will be waiting for the price to move out of this consolidation zone.
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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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