Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,500 mark and is going sideways for the past several hours. The price is currently respecting the support at $38,200 and did not break below it as predicted in our previous analysis. However, the price is coming to test this region once again and we can break below this support in the coming hours. Also, the price has not changed its directory on the 1-day timeframe and is still moving within a downtrend. Let’s take a look at the latest charts to see where the price is headed next.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the 4-hour charts for Bitcoin we can see that the price is currently moving within a symmetrical triangle.
The structure in the above charts indicates that BTC is likely to make a significant move in the coming hours. A symmetrical triangle is a neutral pattern that can break out in either direction. However, Bitcoin is moving in a downtrend at the moment, and it is likely that we will see this structure play out towards the downside.
If the price does break below this structure, we can expect Bitcoin to retest the $33,600 level once again.
Also, if we switch to the 1-day timeframe we can see that the price is still moving within a downtrend. The price has been moving within a falling wedge for several weeks now and still could break in either direction.
The symmetrical triangle is likely to break down towards the downside as the price is respecting this falling wedge.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently trading in a downtrend and is still looking bearish in the immediate short term. The symmetrical triangle pointed out in this analysis is likely to play towards the downside and we can expect a further correction in the coming days. That is why we would not be placing any long trades on BTC in the short term.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
