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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $50,500 and is struggling to hold the support at the $50,000 mark. BTC seems to be recovering nicely from the flash crash it experienced last week but it still does not have enough momentum. The price did touch the $52,000 mark and faced notable rejection there. Let’s take a look at the shorter timeframes to see where Bitcoin is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour chart, we can see that Bitcoin was forming a rising wedge and broke below it just a few hours ago.               Â
A rising wedge is a bearish pattern that indicates that the price action can lose steam anytime. The breakdown target for this structure would be around the $47,500 mark, however, BTC seems to be holding the support at $50,000 at the moment.
It seems likely that we will break below $50,000 as the trading volume is also declining. Market bulls will have to push really hard to sustain the bullish momentum here.
On the other hand, if we bounce back in the coming hours and create another higher low on the 1-hour timeframe, BTC would be sustaining the momentum further.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently in critical support and can go either way in the coming days. Right now we can see that the bulls do not have enough steam as the price is moving slowly and the trading volumes are extremely low. We would not be trading BTC in the short term and will wait for it to pick a trend before we make any moves.
Margin Trading for Beginners
If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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