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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently breaking down and is trading just below a crucial support at $46,700. As mentioned in our previous price analysis, BTC has been trying to break above $48,000 for the past few days and is facing resistance. The consistent rejection of this level has caused the price to plunge.
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Analyzing the Charts
The 30-minutes timeframe suggests that the price has already broken below the support at $46,700. We would like BTC to close more candles below the support in the next few hours so we can have some confirmation.
If we do manage to break below this support, we would be headed directly towards $45,000 for a correction.
On the 1-hour chart, we can see that the price still has not broken below the symmetrical triangle we pointed out in our previous analysis.
We can see a small candle forming under the structure, but it could also disappear within the next hour. If we do manage to close at least a couple of hourly candles below this region, we will be heading towards $45,000 or even lower.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently breaking down and is looking bearish in the immediate short term. However, we can also see a quick bounce back from here and can retest the $48,000 region once again. As of now, we will let the price play out and trade only when we have our confirmations.
Also, it is highly unlikely that BTC will go towards the lower 40K region without retesting the $50,000 mark.
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