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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is still moving quite slowly on the lower timeframes. The price is once again trading below the resistance at $19,600, and we can expect sideways movement in the coming hours. BTC has not moved much in the last month and has mostly been hovering around the $19,000 mark. The price needs to break out of this consolidation zone with strong volume, and only then will we be able to see Bitcoin move along. Let’s take a quick look at the latest 1-hour charts for Bitcoin to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 30-minutes charts for Bitcoin, we can see that the price is trading below the resistance at $19,600 and is heading toward the major support at $18,600.
The $18,600 region is a major support level. As long as the price is trading above this area, we can expect Bitcoin to make a move toward the upside. However, we can also notice that the price has found some sort of support at $19,000 and could also bounce from here.
If the price bounces from here, there is a good chance we will see Bitcoin break above the $19,600 mark. If that happens, we will be heading towards the $21K region once again.
On the other hand, if the price continues to drop, we will observe closely and see how it reacts to the major support at $18,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19K region and has been going sideways for the past few days. The market has not been as volatile as usual lately, and we see the price consolidate around the $19,000 region. Right now, we will be watching this zone closely and will be aiming for the $18,600 mark. How the price reacts to $18,600 will tell us what we can expect from BTC in the immediate short 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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