What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $29,600 mark and is still going sideways on the lower timeframe. As mentioned in our previous analyses, the price has started to squeeze now on the 4-hour and 1-day timeframe, and we can soon expect BTC to move out of this consolidation zone. On the macro timeframes, the downtrend is still intact. However, we will also likely see a relief rally for Bitcoin in the coming days. Let’s take a look at the latest 15-minutes charts to see where the price is headed in the immediate short term and if there is a chance of scalp or not.
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Analyzing the Charts
If we take a look at the latest 15-minutes charts, we can see that the price is back above the support at $29,500. It is the level we were watching for BTC on this lower timeframe yesterday, and the price did fall below it for a few hours.
On the other hand, the current resistance BTC is facing is around the $30,000 mark. Once the price breaks above that level, Bitcoin will be retesting the resistance it was facing yesterday once again.
However, it is unlikely that BTC will retest the next resistance around the $30,500 mark as the price is currently being squeezed. If the price faces rejection at $30,000, the next level we will be watching after $29,500 is the $29,000 mark.
If the BTC does drop in the coming hours, we will be interested in some scalping here as the price will most likely bounce from these levels.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has not moved much in the last couple of weeks and is consistently hovering around the same levels. The price is currently in the $29,000 to $30,000 support zone, and the selling pressure seems to have diminished. There could be some scalping opportunities here, but we would not be placing any major trades on Bitcoin until it comes out of this zone. The price is currently being squeezed, and a big move could be just around the corner.
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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