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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $35,000 mark and is looking quite bearish in the short term. The price continues to move within the downtrend triggered in December and could go further lower in the coming days. The stock market also saw a significant drop last week which is an indication that financial markets throughout the world are struggling at the moment. It is also possible that we are already in a bear market for Bitcoin and could continue to move within a downtrend for the next few months.
Let’s take a look at the latest Bitcoin charts to identify the levels we will be watching closely in the coming days.
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Analyzing the Charts
If we take a look at the 1-day charts for Bitcoin, we can observe that the price is falling consistently for weeks now. The head & shoulders pattern we mentioned several times in our previous analyses is finally playing out. That means that BTC has not bottomed out yet and could be headed for lower levels.
The support Bitcoin is holding at the moment on the 1-day timeframe is around the $35,000 mark. The volume is still not flowing, and we can expect the price to drop further in the coming days.
The major region we will be watching for Bitcoin is around the $30,000 mark. It is an area that has held strong in the past and BTC is trading above it for the past 12 months.
If we were to see a reversal for Bitcoin in the coming days, this is the level from where we can expect the price to bounce. Otherwise, we will be headed down towards the lower $20K region and the bear market will prolong.
Conclusion: Is Bitcoin Looking Bearish?
Bitcoin is looking quite bearish in the short term and could drop further lower in the coming days. The price is now in a strong downtrend and is struggling to gain any momentum. Right now, we would not be placing any trades on Bitcoin and will wait for it to stabilize. We would also start dollar-cost averaging into Bitcoin once the price falls on the $30,000 region.
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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