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Bitcoin (BTC) Price Analysis: A Quick look at the 1-Day Timeframe (14-Oct)

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just above the $19,600 mark and is showing bullishness on the lower timeframe. The price was trading below this level for most of the week and has finally broken above it on lower timeframes. If BTC manages to flip this level into support and hold it nicely in for the next couple of days, we can expect the price to rise in the coming weeks. The price also broke below the major support at $18,600 yesterday but was able to get above in no time. Let’s take a quick look at the latest Bitcoin charts to see how things might play out in the immediate short term.

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Analyzing the 1-Day Charts

If we take a look at the latest 1-day charts for Bitcoin, we can see that the price is aiming for the $20,400 mark once again.

The $20,400 mark is the level where the price faced rejection previously, and it is likely that Bitcoin will retest it once again. However, the price must stay above $19,600 throughout the weekend for this move to happen in the short term. Some sideways movement is expected before this move.

On the other hand, if the price closes the candle below $19,600, then we can expect downside movement towards the $18,600 mark.

If the price does drop aggressively over the weekend, we can expect Bitcoin to break below $18,600 as well after some sideways movement. The next level we will be targeting in that scenario is the previous bottom support at $17,600.

Conclusion: Final Verdict on Bitcoin (BTC)

 Bitcoin is currently trading above $19,600 and is looking good on the lower timeframes. The price is currently looking bullish, but we will still be treading lightly in the immediate short term. We are now entering the weekend, and some sideways or downward movement is likely in the next 48 hours. Right now, we will not be placing any short-term trades and will wait for the price to stabilize.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading below the $18,600 mark and is finally trying to break out of the consolidation zone. The price has been hovering around this area for a while now, and we are finally seeing it make a move. If Bitcoin closes a daily candle below this level, we will be interested in placing a short trade on it with a tight stop loss.

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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.

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