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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $37,500 mark and is looking a little bearish in the immediate short term. We did see price gain some momentum on the 1-hour timeframe, but it ended up facing strong resistance around the $38,200 mark as speculated in our previous analysisvvv. Right now, it is likely that Bitcoin will be heading towards a lower level once again. We are also walking into the weekend and there is a possibility for the price to move sideways in the coming days.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that Bitcoin is rejecting the horizontal support and is headed lower once again.
We can also see that the price is not only facing this horizontal resistance but there is also a trendline that is keeping the price low.
We can clearly see in the above chart that the price is rejecting a trendline that was previously acting as support. Bitcoin is facing two different resistance points around this level and is a strong indication that the price is headed lower.
The price could retest the $36,200 level once again and we could also expect sideways movement within this zone for the next two days.
We did consider the $38,200 level as a nice shorting opportunity and would be targeting the $36,200 for this short-term trade. We are also using a tight stop loss to mitigate any risks.
Conclusion: What is Next for Bitcoin?
Not much has changed for Bitcoin since our previous analyses and we are expecting the downtrend to continue. Right now, Bitcoin is rejecting the $38,200 level and could go sideways for the next 48 hours. The price usually stays stagnant over the weekend unless a major seller steps in. The fundamentals for Bitcoin and the crypto space are still strong and this bear market may not last as long as many of us are expecting.
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