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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $22,000 mark and is looking quite bearish on the lower timeframes. The price is now trading below the support at $22,600 and seems to be dropping rapidly. As mentioned in our previous analysis, BTC is now moving in a downtrend, and the bulls are losing steam after facing multiple rejections around the $24,200 mark. The selling pressure is also gradually increasing, and a retest of the previous bottom is likely in the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be heading in the 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 just lost support at $22,600 and is dropping rapidly. It has already closed one hourly candle below this crucial level, and the price might keep dropping rapidly.
The support level we will now be watching for Bitcoin in the coming hours is the $20,600 mark.
The $20,600 mark is an important level and should be able to hold the price nicely in the short term.
Also, if we switch to the 4-hour timeframe, we can see that the price has now broken below the rising wedge we mentioned in one of our previous analyses.
As highlighted previously, the breakdown target for this structure will be around the $20,600 mark, which is also our next major support.
Some sideways movement or even a bounce can be expected at this level, but the $18,000 region will still be in play.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading below the support at $22,600 and is looking quite bearish in the short term. The price is now moving in a downtrend, and we will be targeting the previous lows around $18,000 – $19,000 in the next week or two. We still have a short position on BTC that we entered around $23,600 and will likely take profits around the $20,600 mark.
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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