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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,000 mark and is looking quite bearish in the immediate short term. BTC has finally broken below the critical support at $40,700 which we have been talking about for the past couple of weeks. It was the bottom area that was holding the price up and now more correction could be expected for Bitcoin. Let’s take a look at the latest Bitcoin charts to see if the downtrend will continue or a reversal is just around the corner.
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Analyzing the Charts
If we take a look at the 1-day charts for Bitcoin we can see that the price has broken below the ascending triangle structure, we are watching previously. We also mentioned in the past that breaking below this structure could be quite bearish for Bitcoin.
While this perspective shows us things are quite bearish for Bitcoin, we have another structure that might still be hinting a bullish reversal.
Below we can see that BTC is also moving withing this ascending triangle on the 1-day timeframe, and breaking out of this structure could begin the bullish reversal
On the other hand, the next horizontal level we will be watching on the lower timeframes, is the $35,000 mark. If the sell-off continues this is the region where we would expect to find some major support.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently trading below the crucial support at $40,700 and is looking quite bearish. The price has been moving within a downtrend for weeks now and further correction for Bitcoin would not be surprising. Right now, we would not be placing any trades on BTC and will let it stabilize. However, we will be interested in accumulating more Bitcoin for our long-term portfolio.
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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