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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $19,600 and has not made any significant moves in the past 24 hours. The price experienced a strong sell-off three days ago, and BTC has been struggling to gain momentum since then. The resistance we are currently watching for Bitcoin is the $20,500 mark. It is an area that kept the price low in the previous weeks. Right now, the price is bouncing back and forth between $20,500 and $19,600 and could consolidate here for a while. Let’s take a quick look at the latest Bitcoin charts 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 1-hour charts for Bitcoin, the first thing we can notice is that the price is forming lower highs and is being pushed down by this trendline resistance.
It indicates that the bulls are struggling to push the price up, and the selling pressure is gradually increasing. We can also notice that the price is forming a descending triangle on the 1-hour timeframe, so we can expect a move towards the downside soon.
A descending triangle is a bearish continuation pattern that indicates that the price will continue to move in a downtrend in the near future.
If this structure does play out in the coming hours, we can expect BTC to experience another sell-off. The next level we will be eyeing in that scenario is the $18,600.
The $18,600 mark is important as it has acted as support in the recent past. It will likely hold in the coming hours as well.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading around the $19,600 mark and is struggling to gain momentum on the lower timeframes. We did see price make a jump last weekend, but the bulls have lost steam, and the momentum has shifted once again. Things are looking bearish for Bitcoin on most of the timeframes, and we will likely see it continue towards the previous low it formed just above the $17K region. We will be interested in accumulating more BTC once it retests the bottom.
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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