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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $46,000 mark and is looking quite bearish in the short term. As mentioned in our previous price analyses, Bitcoin was facing strong resistance at the $48,600 and struggled to get above it. Bitcoin almost put a double-top at this level which resulted in bearish price movement.
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Analyzing the Charts
The first level we will be watching for Bitcoin in the immediate short term is $45,900. We are currently trading below this level and must break above it to gain some bullish momentum. The $45,900 level has acted as strong resistance in the past, and we are likely to see a rejection when we retest it.
The second level we will watch for Bitcoin is the $45,000 mark, which is also a major support region. We just saw a solid bounce back from this region and must hold this support in the short term.
Bitcoin is looking quite bearish at the moment, and we can expect to retest the support at $45,000 once again. The current momentum suggests we are likely to reject the $45,900 level and could fall further.
If we break below $45,000, the next level we must hold is the $44,000 mark which we used as support previously.
We can also see that the volume is continuously decreasing for Bitcoin, and we are only seeing spikes in selling levels.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently trading below $46,000 and is looking quite bearish in the short term. As discussed in one of our previous analyses, Bitcoin was forming a familiar pattern on the 1-Day timeframe and this drop was expected. However, this correction can prove healthy for Bitcoin, and we could expect a nice move towards the upside once we bounce back. Right now, we will be interested in shorting Bitcoin once it shows rejection at the $45,900 mark.
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 best crypto Exchange To Trade With.
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