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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $64,500 mark and is looking a bit bearish in the immediate short term. As discussed in our previous analysis, BTC managed to break out of the symmetrical triangle it was forming on the 1-hour timeframe. However, the price saw rejection at the $69,000 mark and a sell-off was triggered. The price also fell below our previous support at $66,400 that we have been watching for the last couple of days.
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Analyzing the Charts
The first level we would be watching for Bitcoin right now is the support at $63,800. As long as we are trading above this mark we can expect a nice bounce back from Bitcoin in the coming hours.
Once we bounce back from this support, we would be watching the resistance at $66,300. It was the level acting as support for BTC recently and losing it triggered the sell-off.
On the other hand, if we lose the support at $63,800 we could see further correction for Bitcoin in the coming days. The next level we would be watching in that scenario is the support at $60,000. It is a major level and Bitcoin is likely to hold it as strong support.
Right now, we would not be trading Bitcoin in the short term and would wait for it to react to the $63,800 level once again. If we see a solid bounce back from here we would be interested in longing BTC.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is still looking extremely bullish in the long term and we are still expecting it to hit the $70,000 mark in the coming days. BTC has been moving in one direction for a while now and a correction here and there is only healthy for the price moment. The more corrections we have the more steadily Bitcoin will move towards the upside. We would not be hesitant to accumulate more BTC for the long term.
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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