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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $36,700 mark and is looking quite bearish in the short term. The price is moving within a downtrend for several weeks now and we could be heading lower in the coming days. We also mentioned in our previous analysis, how the price will be visiting the $33,600 mark once again as it is breaking down from our structure. Let’s take a quick look at the 1-day timeframe to see how things are looking and where the price will head next.
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Analyzing the 1-Day Charts
The first thing we can spot on the 1-day timeframe for Bitcoin is that the price is moving within a falling wedge for several weeks now. It is moving within a strong downtrend at the moment and is respecting the structure quite nicely.
We can see that the price has been respecting this range since November and is using it as both support and resistance. We can also see that the price rejected the top of the wedge and is now heading towards the horizontal support we mentioned earlier.
Another thing we cannot ignore in this structure is whenever the price rejects the wedge as resistance it falls lower than before. That is why we are expecting BTC to break below $33,600 in the coming week and the level of support we will be watching, in that case, is the crucial region around $30,000.
If the structure remains intact, we will be retesting the $30,000 region once again. It is an area that previously proved to be bottom for Bitcoin in July last year.
Conclusion: Final Verdict on Bitcoin
Bitcoin is still looking quite bearish on the majority of the timeframes, and we can expect it to head lower in the coming week. There is a good chance that we will touch the $30,000 mark in the coming week, and it would be interesting to see how price reacts to this level. On the other hand, crypto space is highly unpredictable and anything can happen in the coming days. However, we will not be placing any long trades on Bitcoin at the moment.
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