Bitcoin (BTC) Price Analysis for October 19

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Bitcoin (BTC) Price Analysis for October 19

Bears are not going to give up so easily; however, there are some exceptions to this rule.

Bitcoin (BTC) Price Analysis for October 19

BTC/USD

Unlike other coins, the rate of Bitcoin (BTC) has increased by almost 2% over the last 24 hours.

Bitcoin (BTC) Price Analysis for October 19

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.

Bitcoin (BTC) Price Analysis for October 19

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.

Bitcoin (BTC) Price Analysis for October 19

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.

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