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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has been going sideways since yesterday. BTC experienced a strong sell-off a few days back as it rejected the resistance at $22,600 strongly. Right now, things are looking quite bearish for the crypto giant as the bulls are struggling to regain momentum. The price is now trading between the resistance at $20,500 and the support at $19,600. Both levels have plenty of significance as they have both acted as resistance and support, respectively, in the past. Let’s take a quick look at the latest price 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 30-minutes charts for Bitcoin, we can see that the price is currently forming a symmetrical triangle on the lower timeframes.
A symmetrical triangle is a neutral pattern that indicates that the price can make a big move in either direction. It means that we might not see further consolidation for BTC here, and the price is going to move out of this zone.
If the price breaks towards the upside, the next level we will be eyeing is the $20,800 mark.
On the other hand, if the price breaks below the structure and triggers a sell-off, it will break below $19,600. The next immediate level we will be eyeing in that scenario is the $19,200 mark which has acted as strong support in the past.
A move towards the downside is more likely as the bears seem to be in control of the market at the moment.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a quick look at the latest Bitcoin charts, we can see that the price is currently struggling to gain momentum on the lower timeframes. It is likely that the price will drop below $19,600 in the coming hours and head towards the bottom around the $18,000 region. Right now, we will not be buying more Bitcoin and will wait for the price to fall further.
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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