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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at the $19,600 mark and is struggling to hold it on the lower timeframes. The price did jump last a little last night and reclaimed the support at $19,600. However, BTC is losing momentum, and it seems that the price will drop once again in the coming hours. Falling below $19,600 again could trigger a sell-off, and we can expect Bitcoin to retest the previous local bottom again. Let’s take a quick look at the latest BTC charts to see where the price could be headed in the coming days.
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Analyzing the Charts
If the price starts closing hourly candles below the $19,600 mark, the next level we will be watching for Bitcoin is the $18,600 mark.
The $18,600 mark has acted as support in the past, and we can expect the price to react to this level. However, if the sell-off is aggressive, we can expect Bitcoin to form a new local bottom in the coming days.
On the other hand, if the price bounces back from this $19,600, the first resistance level we will need BTC to break is around the $20,600 mark.
We can also notice that the price is forming higher lows on the 4-hour timeframe and is still moving within a rising channel. The price will eventually lose steam here, and we can expect BTC to break below this structure.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is currently trading below the $20,000 mark and has been struggling to gain momentum for over a month now. The price is still not gaining any serious bullishness and could drop further in the coming days. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to drop so we can accumulate more BTC.
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