What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around just above the $29,000 mark and is still going sideways on the lower timeframe. Since the correction last week BTC has not made any significant moves and is trading within the crucial support range between $29,000 and $30,000. The trading volume has been quite low this week which indicates that people are neither selling nor buying too much BTC. However, once the price moves out of this region, we can expect buyers/sellers to step in depending on which direction the price moves. 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 break below the support at $29,200 for several hours. We speculated this in our previous analysis, as the price also broke below the crucial rising channel we were observing on the lower timeframes.
The trend has been broken with a lower low for Bitcoin which means that the price will go down further. The horizontal resistance we are watching for BTC right now is still around the $31,000 mark.
However, it seems unlikely that BTC will retest this resistance again in the immediate short term. The price will likely face rejection at the bottom of the rising channel. The support level we are now eyeing for Bitcoin is around the $27,600 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin finally seems to be moving out of the consolidation zone as the price has broken below a crucial structure. Right now, we are expecting the price to face rejection above $29,200 and head towards the lower levels. A move towards the $27,600 mark could help BTC grab some liquidity and will have a positive impact in the mid-term. We would be looking for a short opportunity here if BTC shows a big rejection after touching the bottom of the channel once again.
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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