What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $38,200 mark and is looking quite bearish in the immediate short term. The price has been dropping consistently since Thursday and has not found strong support at any level. It seems like bulls are not trying to push the price at the moment and it could drop further before we see another rally for BTC. The support we are watching for Bitcoin right now is the $38,200 mark and it is currently trying to flip it into resistance. Let’s take a look at the latest Bitcoin charts to see what level could act as the next support for BTC.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that the price is currently trading just below the support at $38,200. BTC has closed a few 1-hour candles below this level but is currently trying to reclaim it back as support. If it does manage to get above this level we will likely see it challenge the resistance at $39,700 once again.
Also, if we switch to the RSI view, we can also spot a bullish divergence for Bitcoin on the lower timeframes.
We can see here on the 1-hour charts that the price is forming lower highs where the RSI is forming a higher high. If BTC does manage to break above $39,700 the next major level we will be watching for it is the $41,700 mark.
On the other hand, if BTC fails to gain any bullish momentum here the level we will be watching as immediate support is the $37,000 mark. It is a region that has held up the price in the past and we can expect it to hold.
Conclusion: The Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving within a downtrend on the lower timeframes and is looking quite bearish at the moment. However, we also have a bullish divergence on the lower timeframe and could expect the price to make a move towards the upside before dropping further. Right now, we will be sitting on the sidelines and would not be trading BTC in the immediate short term.
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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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