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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the support at $19,600 and is looking quite bearish in the immediate short-term. As mentioned in our previous analysis, the price was being squeezed towards the downside, and it is likely that we will see another drop for BTC in the coming hours. The resistance we are currently watching for Bitcoin is the $20,500 mark, and it is likely that the price won’t be retesting it in the immediate short-term. Let’s take a quick look at the latest BTC charts to see where the price is headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price faced strong rejection at $22,600 and is now moving towards the downside.
The support level we are currently eyeing for Bitcoin is the $19,600 mark, and it has also held nicely in the recent past.
Now it is likely that the price will break below this support once again in the coming hours, and we will see BTC retest the lower levels. The next level we will be eyeing for BTC now is the $18,600 mark. It is a crucial level that has acted as the bottom support in the past as well.
We will also be eyeing the $17,700 mark in the coming week, as it is likely that Bitcoin will be retesting the bottom this time.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now moving towards the downside and is looking quite bearish on most of the timeframes. It is likely that BTC will lose the support at $19,600 in the coming hours and will be headed towards the previous bottom. If that happens, we will be interested in shorting BTC towards the downside. We will also be accumulating more Bitcoin once it breaks below the previous low at $17,600.
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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