Bitcoin (BTC) Price Analysis: Trying to Break Above $19,600 (04-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $19,600 mark and is trying to gain momentum on the lower timeframes. The price has been trading within the same consolidation zone for the past couple of weeks and has been struggling to move out of it. Right now, BTC is trying to break out of this consolidation zone on the lower timeframes and it will be interesting to see how it plays out. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term.
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Analyzing the Charts
The levels we are currently eyeing for Bitcoin on the 1-hour timeframe are still the $19,600 and the $18,600 mark. The $19,600 is acting as strong resistance whereas the $18,600 region has been acting as major support.
As we can see the price is currently trying to break above $19,600 on the 1-hour charts and is gaining some bullish momentum.
We can also notice that the price has tried to break above $19,600 multiple times in the past couple of weeks but has failed on all occasions.
If we switch to the 1-day timeframe we can notice that Bitcoin has not closed a single 1-day candle above the $19,600 level. Our goal for Bitcoin now is to stay above $19,600 till the end of the day. If that happens, we can expect the price to retest higher levels in the coming days.
The first resistance level we will be eyeing after this is the $20,400 mark. It has also been acting as strong resistance for the past few weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $19,600 mark and is trying to break above the resistance on the lower timeframes. The price is finally showing some bullish signs and a breakout here could shift things in the bulls’ favor. However, we will not be placing any trades on Bitcoin until the price closes the day above the $19,600 mark. A candle closes above the resistance will be a really bullish sign for the price.
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