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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,500 mark and is looking quite bearish on the lower timeframes. The price is currently trading below the crucial support, around $19,800, and could drop further in the coming hours. The $19,800 mark has acted as support in the past, but the price did not react to it this time. We can also notice that the price has been dropping consistently after it failed to break above the $21,800 mark. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 4-hour charts, we can see that the price is not only trading below the horizontal support at $19,800, but it has also broken below this rising channel.
If the price does not move back into the structure in the coming hours, we will likely see another sell-off for BTC. The first horizontal level we will be watching for Bitcoin on the 4-hour timeframe next is the $18,600 mark.
On the other hand, if the price reclaims the $19,800 support once again, the next resistance level we will be watching for Bitcoin is the $20,600 mark.
The major resistance for Bitcoin will still be the $21,700 area that the price has been struggling to break for weeks. It is the area BTC needs to flip to turn bullish.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below a few crucial support areas and could drop further in the coming days. The price is looking quite bearish at the moment and will likely test the previous local bottom this week. It is also likely that the price will form a new low in the coming days, and there is not much buying pressure in the market. We will be interested in accumulating more Bitcoin if it drops below the previous local 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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