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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just a fraction below the support at $60,000 and is looking quite bearish in the immediate short term. As mentioned in previous analyses, BTC is currently going through an overdue correction and we can expect it to drop some more before we make big moves towards the upside. Let’s take a look at the shorter timeframes to find out where Bitcoin is headed next in the immediate short term.
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Analyzing the Shorter Timeframes
If we take a look at the 1-hour charts we can see that Bitcoin has just broken below the support at $60,000. However, we can also see that it is still trading close to this level, and we could flip it again as support on the retest.
If we see a rejection on the retest of this level, then we would have flipped the $60,000 level into resistance and can see another sell-off towards the downside. Keep in mind, it is a crucial support level that has held the price nicely several times in the past.
Once we have flipped $60,000 into resistance, the next support we would be looking at in the immediate short term is the $57,900 mark. It is a level that has also held support previously and if we lose this level we could experience an extended sell-off towards lower $50,000’s.
Conclusion: What is Next for Bitcoin (BTC)?
If Bitcoin loses the support at $60,000 convincingly in the coming hours, it would start gaining downtrend momentum. In that scenario, we would be bearish on BTC in the short term and would trade with caution. As mentioned earlier, Bitcoin is due a correction because of the several bullish weeks it has had in a row. If we see a bounce back from here in the coming days, we could also see some solid gains for Bitcoin. Right now, we would not be placing any trades on BTC until it stabilizes below or above the $60,000 level.
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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