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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $20,000 mark and is showing some bullishness on the lower timeframes. The price has been moving in a downtrend for weeks, and we can expect the trend to continue. However, we can also expect some bullishness on the lower timeframes, and the price might come back to retest previous support and turn them into resistance. In this article, we will take a quick look at the latest charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price broke below the $19,800 mark for several hours but has regained it as support.
It is likely that Bitcoin is currently coming back to retest the previous support at $20,600 and flip it into resistance. If that happens, we can expect a rejection for BTC and a sell-off towards the $19,200 mark.
The above-mentioned move is likely because the trend is still bearish, and we can expect the price to continue towards the bottom in the short term.
Also, the $19,200 mark has plenty of significance as it has acted as a strong support zone in the recent past. When the price drops to this level, we can also expect a spike in volume.
The $19K price zone has a lot of significance and has also been acting as the bottom on the 1-day timeframe for the past few months.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking slightly bullish on the lower timeframe and could be heading towards the $20,600. It was the previous major support for BTC, and we can expect the price to retest it as resistance in the coming hours. If that happens, we will be interested in shorting Bitcoin around the $20,600 mark and will also be eyeing $19,200.
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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