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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and is still going sideways on the lower timeframes. The price has not moved much this week and is continuing to consolidate below the $24,200 mark. As mentioned in our previous analyses, the $24,200 is the level Bitcoin needs to break to get bullish again. Once the price gets above this level, we can expect further continuation towards the $26,000 region, and more buyers will step in. Let’s take a quick look at the latest 4-hour charts for Bitcoin to see how things could go in the coming days.
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Analyzing the 4-hour Charts
If we take a look at the latest 4-hour charts, we can notice that the current level Bitcoin is using as support is the $22,600 mark. It has kept the price up throughout this week, and there has not been much selling pressure here.
However, we can also notice that the current resistance price is facing is around the $23,400 mark. A Breaking above this resistance could mean that the price will retest $24,200 once again.
We can also notice that the price has been forming higher lows on the 4-hour chart and still has not broken this trend. Even though it is a positive sign for price action, the price is facing strong resistance at $24,200. It will likely form a lower-low in the coming days, and the price will fall once again.
Once the price does break this trend, the next major level we will be watching for BTC will be the $20,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and will likely continue sideways movement in the immediate short term. We are now entering the weekend, and it is likely that the price will keep consolidating or drop due to low trading volume. Right now, we will not be placing any short-term trade on Bitcoin unless the price breaks below $22,600 convincingly. Overall we are still expecting the price to drop further in the coming days.
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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