Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,800 mark and is looking slightly bearish in the short term. The price is currently trading below the crucial support at $38,000 which we were watching previously and could fall further in the coming hours. The $38,000 level is also the most significant region we will be watching right now, as BTC needs to break above it to show some bullish signs. Let’s take a look at the latest Bitcoin charts to identify the levels we need to watch for Bitcoin in the short term.
ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $4,100 bonus! (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the 4-hour charts we can clearly see that things were looking quite nice for Bitcoin yesterday. The price was forming a bull-pennant and a head and shoulders pattern at the same time.
We can also see that as soon as the price broke out of the bullish pennant, it faced massive rejection at the $39,600 mark. The price started to drop rapidly and also fell below the support at $38,000.
This price movement is an indicator that there is still fear and uncertainty in the market. The selling pressure is high at the moment and could improve when the fundamentals get better. The next support level we will be watching for BTC right now is the $36,500 zone that has held nicely in the past as well.
However, if the price gets above the $38,000 mark once again in the coming hours, things might shift towards the bullish side once again.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still in the critical territory and can still go either way in the coming days. The Russia-Ukraine conflict has not helped the situation and has weakened the fundamentals over the past few weeks. Right now the trend seems to be changing on the 4-hour timeframe as we are forming higher-highs and higher lows. However, the trend still is not looking bullish and we would not be placing any short-term trades.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
