Bitcoin (BTC) Price Analysis: Another Rejection at $19,600 (24-Oct)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $19,300 mark and is still going sideways on the lower timeframes. The price has been trading within the same zone for weeks now and is struggling to gain momentum. There has not been enough volatility in the market as of late, and the trading volume has also been low. Bitcoin is currently struggling to break out of the current consolidation zone, and most traders have been sitting on the sidelines for now. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price retested the resistance at $19,600 and rejected it once again.

It is now headed back toward the support at $19,000 and will likely break below it this time. The next level we will be watching in that scenario is the major support at $18,600. It is an area that has been holding as support for months now, and the price will likely move sideways above it.

On the other hand, it is also possible that the buyers will step in this time at the $19,000 mark and give the price another push toward the upside. If BTC manages to gain momentum with this move, it is likely that the price will break above $19,600 and challenge the $20,400 mark next.

The $20,400 mark is also an area that has been acting as strong resistance for the past several weeks.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $19,300 mark and is still struggling to gain momentum on lower timeframes. The price has been consolidating for over a month now, and there has not been enough trading volume to push it in either direction. Right now, we will not be placing any short-term trades on Bitcoin and will wait for a significant increase in trading volume or the price to break out of this zone.

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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