What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,500 mark and is still looking bearish on the lower timeframes. As mentioned in our previous analysis, Bitcoin has been showing bearish signs for the past few days, and we can expect the price to drop further in the short term. The price broke down from the support at $20,600 yesterday, and after a little sideways movement, it has also broken below the support at $19,800. The selling pressure seems to be increasing, and the buyers are still staying on the sidelines. Let’s take a quick look at the latest Bitcoin charts to see how low the price can go in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price is currently breaking down. BTC has already closed one candle below $19,800 on the 1-hour timeframe, and we can expect the sell-off to continue.
The next region we will now be eyeing for BTC is the $19,000 area. We have seen the price react to this level before, and the buyers might try to push the price above from here.
We can also expect the price to react to the $19,300 mark in the immediate short term as we have the 0.618 of Fibonacci there (from previous local bottom to top)
The price could react to any of the above-mentioned levels and might go sideways before dropping further. It is also likely that Bitcoin will retest the previous local bottom in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still looking quite bearish on the lower timeframes, and another sell-off is not out of the play. There isn’t much buying pressure in the market at the moment, and we can expect the price to fall to around $18,000 before the buyers start to step in again. The bears seem to be in control of the market at the moment, and it will be interesting to see how the downtrend will continue in the coming weeks.
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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