Bitcoin (BTC) Price Analysis for October 19
Bears are not going to give up so easily; however, there are some exceptions to this rule.
BTC/USD
Unlike other coins, the rate of Bitcoin (BTC) has increased by almost 2% over the last 24 hours.
On the local chart, traders should focus on the recently formed resistance level of $28,574. If the daily candle closes above it, the rise may continue to the $29,000 area tomorrow.
Buyers are also trying to seize the initiative on the bigger time frame. The price has not gone down after a false breakout of the level of $28,627, which is a bullish signal.
If the bar closes above that mark, one can expect a test of the $29,500-$30,000 zone soon.
From the midterm point of view, it is too early to make any far predictions as the rate is in the middle of a wide channel. However, if the bar closes near the vital zone of $30,000, the upward move is likely to continue to $31,500.
Bitcoin is trading at $28,685 at press time.