Bitcoin (BTC) Price Analysis for October 19
The rates of most coins keep rising on the last day of the week, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has gone up by 1.34% over the last 24 hours.
On the hourly chart, the rate of BTC has broken the local resistance of $108,234. If the daily bar closes above that mark, the upward move is likely to continue to the $109,000 range.
On the bigger time frame, the price of the main crypto is going up after yesterday's bullish closure. However, the volume is low, which means bulls might need more time to get strength for a continued move.
In this regard, consolidation in the narrow range of $108,000-$110,000 is the more likely scenario.
From the midterm point of view, the situation is less positive for buyers. If the weekly bar closes near its low, there is a high chance of a test of the support of $100,426 by the end of the month.
Bitcoin is trading at $108,455 at press time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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