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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is trying to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price is trading below the $19,600 mark for the past couple of days and is struggling to break above it. The support level we are currently watching for BTC is the $18,600 mark. It is an area that has acted as strong support in the past and bears will have to push hard to break below it. 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 15-minutes Charts
If we take a quick look at the latest 15-minutes charts for Bitcoin we can see that the price is now moving in an uptrend. We can also notice that the price just broke above the immediate resistance at $19,100 a couple of hours ago.
The price has now flipped $19,100 mark into immediate support and the next level we are watching is the strong resistance at $19,600.
Breaking above $19,100 is a sign that BTC might retest the resistance again. We will be interested in shorting BTC if the price rejects this level.
On the other hand, if the price breaks below $19,100 soon then we will again be looking at the major support at $18,600.
The trading volume still seems to be dropping and it is likely that we will be seeing a strong rejection around the $19,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking to retest the resistance at $19,600 once again and is still looking bearish on the lower timeframes. It is likely that we will see a strong rejection for Bitcoin in the coming hours. If that happens we will be interested in placing a short-term sell-trade on Bitcoin. We are also eyeing the previous bottom in the coming days and are interested in accumulating more Bitcoin.
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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