What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $18,800 mark and is looking quite bearish on the lower timeframes. The price has finally broken below the support at $19,600 and is now heading towards the lower levels. As speculated in our previous analyses, BTC has failed to break above the $20,600 mark and is continuing the move towards the downside. The major zone to watch here was the $19,200 region, and BTC has also broken below this level. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can notice that the price did break below the symmetrical triangle it was forming on the 4-hour timeframe.
It means that the price has broken out of the consolidation zone, and we will see BTC continue the downtrend in the coming days and weeks.
The support level we will currently be watching for Bitcoin is the $18,600 mark. The price is currently hovering around this mark, and will likely hold it in the coming hours.
Once the price gets below $18,600, our next target will be the $17,600 region. It is an important level because it’s the lowest point Bitcoin has touched in the past two years.
We are also expecting Bitcoin to form a new bottom in the coming weeks, so we will not be considering $17,600 the rock bottom yet.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below $19,000 and is still looking bearish on the majority of the timeframes. As per our speculation, the price is continuing the downtrend, and the bear market is still active. Right now, we will not be placing any short-term trades on BTC and will observe the price closely. We will also be accumulating more Bitcoin now by using the dollar-cost-averaging strategy.
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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