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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above $38,000 and is looking quite stable on the shorter timeframes. The price has not moved much since our last price analysis except, it almost bounced back from the support at $37,400.
The price is likely to touch the support at $37,400 in the next couple of hours, and that could also be our bottom. If we fail to hold this region, our next support to watch would be the $36,400 region.
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What is Happening on The Shorter Timeframes?
If we take a look at the 30-minutes timeframe, we can observe that the price of Bitcoin is moving within a downward channel.
A downward channel creates a series of lower-highs and lower-lows and is considered a bullish indicator. Once the price breaks above the channel, we could be headed straight to $40,000.
We can see that the price is headed towards our support at $37,400 and could break the channel once it bounces off from it. This scenario looks quite likely at the moment and could also indicate that this is our bottom.
On the other hand, the drop to $36,400 is also possible. We will have to wait and see how the price will react to this level. It is an important region, and breaking below it could mean a retest of $30,000.
Conclusion: Where is Bitcoin Headed?
Bitcoin is looking bullish on the shorter timeframes, and we could expect a spike in price in the next few hours. However, if the volumes do not flow, we could also break below our downward channel on the 30-minutes timeframe. The $36,400 level could also be seen as a good entry for Bitcoin.
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