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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and seems to be gaining some momentum on the micro timeframes. As mentioned in our previous analysis, the price is still trading within the consolidation zone between $19,600 and $18,600. The bulls and bears will have to make a strong push now to make the price move out of this area. Right now, things are looking even at a price that could move either way in the short term. In this article, we will take a look at the latest 30-minutes charts to see how the price is behaving within the consolidation zone.
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Analyzing the 30-minute Charts
The first two levels we can identify to watch on the 30-minutes timeframe are the $19,600 and the $18,600 mark. These are the levels that have been acting as strong support and resistance for the past few days.
However, if we take a closer look, we also can notice another resistance BTC is facing on micro timeframes around the $19,200 mark. The price is currently trying to break above it, and if it manages to do so, we will see another retest of the resistance at $19,600.
We also have temporary support at $18,900, keeping the price in check on micro timeframes. If Bitcoin breaks below this level, it is highly likely that the price will retest the consolidation support at $18,600.
However, we must not forget that the macro trend is still bearish, and the price will eventually drop in the coming days. We can see some bullish momentum in the immediate short-term, but a visit to the $17K region is still highly likely.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving within the consolidation zone we highlighted in our previous analyses and is not showing any immediate signs of making a big move. Right now, we will be watching the levels mentioned above to see when the price will retest the bottom or top of the consolidation zone. However, we will not be placing any short-term trades at the moment.
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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