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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,500 mark and is still looking quite bullish on the lower timeframes. The price has been moving in an uptrend for the past several days and is currently consolidating below the resistance at $23,800. If the price manages to close multiple 4-hour candles above the $23,800 mark, then things will remain bullish for BTC, and we can expect another breakout in the coming week. Let’s take a quick look at the latest 1-day charts to see where the price could be headed in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can see that the price is getting ready to retest the $23,800 mark after bouncing from the $22,600 mark. If the price manages to break this resistance convincingly in the coming days, our next target for Bitcoin will be around the $26,600 mark.
However, we can also notice that Bitcoin previously formed an inverse head & shoulders pattern on the 1-day charts and has already met the breakout target.
The macro trend for Bitcoin is still bearish, and we can also witness buyers losing some steam around the $23,800 mark. The previous pattern has also played out successfully, and now we can also expect the price to face a strong rejection here.
If that happens, the support level we will be watching for Bitcoin on the 1-day timeframe is the $21,600 mark. It is the area that was holding the price for weeks previously.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $23,800 mark and is still looking bullish on the lower timeframes. However, we are approaching the weekend now, and there is a good chance that the price will drop in the coming hours. The macro trend is still bearish, and Bitcoin could face a strong rejection here. Right now, we will not be placing any short-term trades on BTC and will wait for the price to move out of the current zone.
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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