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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,200 mark and is struggling to gain bullish momentum. As mentioned in our previous analysis the price is currently facing resistance around the $43,800 mark and needs to get above it asap to gain some bullish momentum. The support we are watching for BTC right now is the $42,700 mark and as long as the price is trading above it there is a chance Bitcoin will retest the $44,600 mark once again. In this article, we will take a look at the latest 1-week charts to get a bigger picture of where things are headed next.
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Analyzing the Charts
If we take a look at the 1-week charts for Bitcoin, the first thing we can notice is that the price is pushing below the 20-MA.
The 20 simple moving average has a lot of significance as it is considered the bull-market support band in the 1-week timeframe. Right now, we cannot say for sure whether the price is trading above it or below it. It is crucial for BTC to close the candle above the 20-MA to continue the bullish momentum.
We can also notice the resistance around the $46,000 region. It is a crucial zone that has acted as both support and resistance in the past.
Also, if we take out the Fibonacci retracement tool we can find another resistance level that coincides with this zone.
We can see that the price has rejected the .382 mark and is now trading below it. Initially, we suspected the price to touch the 0.5 level first so it would be interesting to see how BTC behaves in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is in somewhat neutral territory and could go either way in the coming week. The price is currently trying to hold the 20-MA as support ton the 1-week. If Bitcoin succeeds in this, we will likely see the resumption of the uptrend. However, bulls are also losing steam quickly and we would not be placing any trades at the moment.
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