Bitcoin (BTC) Price Analysis: Watch out for this Potential Move (06-Oct)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has been going sideways for the past 24 hours. The price is now trading above the previous resistance at $19,600 and is finally getting a move on. We have not seen too much movement for Bitcoin lately as the price was stuck below the resistance at $19,600 for weeks. It broke above the crucial resistance just a couple of days ago, and now we will see bulls and bears push for different levels once again. 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 current resistance level we are watching on the 1-hour timeframe is the $20,400 mark. It is another crucial region that has been keeping the price low for several weeks. Breaking above it could invite more buyers in the short term.
If that happens, our next target for Bitcoin will be the $21,500 region. An area that has also acted as resistance in the recent past.
On the other hand, we can also notice that the price is currently rejecting the resistance at $20,400 for the second time on the 1-hour timeframe. It is sort of forming a double-top pattern, and we must stay cautious.
If this pattern plays out in the coming hours, then Bitcoin will likely drop below $19,600. The next region we will be eyeing in that scenario is the same old major support at the $18,600 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trying to break above the resistance at the $20,400 mark and is struggling to succeed. The price has already rejected the resistance twice on the 1-hour timeframe and is also forming a double top pattern. The price could still move either way in the coming hours, so we will not be looking for any scalp trades at the moment. However, we are still eyeing major lower levels and will be accumulating more Bitcoin as the price continues the trend.
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