Bitcoin (BTC) Price Analysis: Sideways Movement Continues (03-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is still moving within the consolidation zone it has been respecting for the past couple of weeks. The price is moving back and forth between the $19,600 and the $18,600 mark. We are still in the bear market which is one of the reasons why we are seeing long consolidations on lower timeframes. The major resistance level to watch here is $19,600. The buyers will only start pushing when the price gets above this level. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price has tried to break above $19,600 multiple times in the past couple of weeks but failed.
The price could not close a single daily candle above this strong resistance and faced rejection every time. The $18,600 mark on the other hand has also been holding as strong support during this time.
With multiple rejections, it is likely that the price will drop below $18,600 and retest the lowermost level.
Once the price breaks below $18,600 we can see a quick sell-off towards the $17,600 mark. It is the lowest support level Bitcoin has touched in the past two years. It will be interesting to see how the price reacts.
On the other hand, if the price finally manages to break the resistance at $19,600 and closes a daily candle above it, we can expect a breakout. The first resistance to watch in that scenario is the $20,400 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading within the same consolidation zone it has been respecting for the past couple of weeks. It is likely that the price will continue to move within this zone until we see a significant increase in trading volume. Right now, we are eyeing the lower levels for BTC and are expecting it to drop. Once the price drops to $17,600 we will start buying more Bitcoin in parts.
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