What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is still looking bearish on most of the timeframes. The price is now trading around the $18K-19K region and will likely drop further in the coming hours. After breaking below $19,600 a couple of days ago BTC did find some support around $18,600 and also had a little relief rally towards the $19,200 region. As mentioned in our previous analyses, It is likely that the price will drop further in the coming hours and BTC will test the lower levels. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can see that the price did bounce from the $18,600 mark and also got above the $19,200 region and used it as a support for a while.
We can also see that the price is moving within a downward channel on the 1-hour timeframe and might continue towards the $18,600 region.
There are two likely scenarios here. Either BTC will retest the $19,600 breaking out from the channel and reject it or it will just break below and touch the support at $18,600.
The second scenario seems more likely at the moment as the momentum is still bearish. The next immediate scenario we will be eyeing for BTC is the $18,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and could drop further in the near future. The price is still struggling to gain any momentum and will likely drop in the coming hours. We are now expecting BTC to form a new low and will likely see fall below $17,600. Remember, Bitcoin is going through a bear market and the trend will remain bearish on macro timeframes for a while.
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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