What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $29,200 and has been going sideways for the past several days. As highlighted in our previous analysis, the price is retesting the crucial support at $29,200 on the lower timeframes and a significant move could be around the corner. BTC has been respecting the consolidation zone below $31,000 for over a week now. The volume is also quite low which is one of the reasons the price is looking stagnant at the moment. Let’s take a quick look at the latest BTC charts to see what scenarios are possible in the immediate short term.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is still forming higher lows on the 4-hour timeframe.
However, if we switch the view to the rising channel these higher lows were forming, we can notice that the trend might be breaking.
If BTC closes a couple of 4-hour candles below this area, we can expect a breakdown towards the $27,600 region.
On the other hand, the price could also recover well from the support at $29,200 and get back within the rising channel.
If that scenario plays out, we expect BTC to retest $31,000 once again before facing massive rejection towards the $29,200 mark.
The $31,000 has rejected the price several times already, and people will start looking for shorting opportunities if BTC visits this area once again.
Conclusion: What is Next for Bitcoin (BTC)
Bitcoin is currently moving within a consolidation zone and is not showing many hints of big movement. However, the price is currently breaking below the rising channel highlighted earlier and if that happens, we will see the volume flow. On the other hand, if the price successfully retests $31,000 again and shows rejection, we would be interested in shorting BTC there.
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