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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the resistance at $21,600 and has been going sideways for the past few days. The price is now moving in a downtrend, and bears seem to have regained control of the market. The support level we are currently watching is the $20,600 mark, and it has a lot of significance. Bears will not be able to push the price below this level easily, and we can expect some more sideways movement in the immediate short term. Let’s take a quick look at the latest Bitcoin charts to see how things might play out in the coming days.
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Analyzing the Charts
If we take a quick look at the latest Bitcoin charts, we can see that the price is currently trying to break above the resistance at $21,600.
If the price does manage to get above this level, we can expect some relief for Bitcoin in the immediate short term. However, the downtrend will still continue as the price will likely reject the $22,600 mark strongly.
On the other hand, if the $20,600 mark is lost in the coming days, the price will be heading further down towards the previous major support at $19,200.
The $19,200 region is the area from which the price bounced aggressively last time and went on touch the $25,000 mark.
On the other hand, the $20,600 also has plenty of significance. If we switch to the 1-day timeframe, we can see that this level is also the 0.618levelof the Fibonacci from the previous bottom.
The 0.618 is an important Fibonacci level, and it will not be easy for sellers to push the price below it in the immediate short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below $21,600 and has been going sideways for a while now. A move towards $22,600 is still possible, but we can expect another rejection there if a retest happens. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to make a significant move.
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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