Bitcoin (BTC) Price Analysis: Price Breaks Below $18,600 (13-Oct)

3:15 pm, Thu, 13 October 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is now trading below the $18,600 mark and is finally making a move on the lower timeframes. The price has been trading above this level for weeks now, and breaking below it could result in a sell-off. Bitcoin is still moving in a bearish trend on the bigger timeframes and has not broken out of it. It is likely that Bitcoin will form a new bottom in the coming weeks and head towards levels it has not visited in the last couple of years. The support we were watching for Bitcoin previously was the $19,000 mark. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.

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Analyzing the Charts

If we take a look at the latest Bitcoin charts, we can see that the price has not broken below $18,600 convincingly on the 4-hour timeframe.

The $18,600 mark has a lot of significance as it has acted as a major support in the past. If the price manages to close multiple 4-hour candles below this level, we can expect a sell-off for BTC. The sell-off is also highly likely if the price closes the current daily candle below the $18,600 mark.

The next level we will be eyeing in that scenario is the previous bottom around the $17,600 mark.

On the other hand, if the price manages to somehow attract buyers below this level, we can see some short-term bullishness. The target to eye in that scenario will be the strong resistance at $19,600.

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 now 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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