What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $24,000 mark and is struggling to gain momentum on the lower timeframes. The price is now trading below the crucial support at $24,200 and has already closed a couple of 4-hours candles below it. It is vital for BTC to reclaim this important level of support once again. If the price fails to break above $24,200 in the coming hours, we will likely have a trend reversal, and Bitcoin will be headed towards the lower levels once again. Let’s take a quick look at the latest charts to see where the price is headed in the short term.
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Analyzing the Charts
If we look at the latest 4-hour charts for Bitcoin, we can see that the price faced strong rejection at around $25,000 and is now headed downwards once again.
As the price is now trading below $24,200, the first level of support we will be watching for Bitcoin is the $23,600 mark.
The $23,600 is a level Bitcoin must hold in the immediate short term. If the price breaks below this support, a lower low will be formed on the 4-hour timeframe, and the trend will shift. The next support level we will be watching in that scenario is the $22,600 mark. This level is also the first support to watch on the 1-day timeframe.
The $22,600 mark has plenty of significance and has been acting as strong support for the past couple of weeks. Some sideways movement is expected if the price does drop to this level.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin must reclaim the $24,200 mark as support in order to sustain the bullish momentum it has been carrying for the past week. If the price starts closing 4-hour candles below the $23,600 mark in the short term, things will get quite bearish for Bitcoin once again. In that scenario, we will also be interested in placing a short trade, eyeing $22,600 as the first target.
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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