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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $59,000 mark and has been going sideways for the past several hours. As mentioned in our previous analysis BTC has broken below a crucial support at $60,000 and is now showing bearish momentum. Right now, further correction is likely for Bitcoin as and we could drop to $56,000 or $54,000 in the coming days.
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Analyzing the Charts
If we take a look at the larger timeframes, we can see that the trend is shifting a little bit and the momentum is currently bearish. On the weekly charts, we can see that the last candle we closed was a bearish pin bar candle which usually indicates a reversal.
Bearish candle on weekly timeframe means that we can see a proper correction for Bitcoin before we see it make another leg up.
Similarly, on the daily timeframe, we have put a lower high and are now trading with a downward channel.
On the Fibonacci indicator, we can see that the next level for Bitcoin is the 0.382 level which is around the $56,000 mark. We will have to wait and see if BTC holds this level strongly, otherwise, we can expect a correction towards the 0.5 level of Fibonacci.
Conclusion: What is Next for Bitcoin (BTC)?
We have seen a nice uptrend for Bitcoin in the past few weeks as the price has moved only in one direction. Right now, Bitcoin is going through a much-needed correction and we can expect it to retest some lower levels before it makes another move towards the upside. We are still eyeing the $70,000 mark for Bitcoin and can expect it to reach there in the coming weeks. Bitcoin is still trading way above the bull market support band which is always a good indicator.
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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