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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $38,000 and is looking bearish for the short term. It is likely that we will break below this level and fall to our next support zone at the $37,400 mark. In this analysis, we will discuss our BTC price targets for the immediate short term.
As mentioned in the chart, we are headed towards the $37,400 in the next few hours. If we fail to hold this support, our next level to watch will be the $36,400 region.
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Price Targets for the Immediate Short-term
Our first target for the immediate short term is also the $37,400 region which is looking inevitable at the moment. However, we can also see that the price for BTC is moving within a symmetrical triangle and could break below it at any time.
A symmetrical triangle usually means that the price can go either way. However, in this scenario, we are likely to break below it because the trading volumes are still low.
The next target we will be looking after the breakdown is the $36,400 mark. This area is a strong support region, and we could expect to see a nice bounce back from this region.
Past data also suggests that $36,400 is a strong region. We used this region for retest and support after breaking out on the 26th of July. If Bitcoin falls below this level, we might see a few more bearish weeks in the crypto space.
Conclusion: Is Bitcoin Bearish?
Bitcoin is currently looking bearish for the immediate short term and is headed towards the $36K region. However, this downside movement can also be seen as a healthy correction and could push us back above the $40,000 level in the coming days.
We must first wait and observe how the price reacts to our support levels in the near future.
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