What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below the $45,000 region and is looking quite bearish in the immediate short term. We saw BTC gaining some bullish momentum during the weekend only to get rejected by the $46,400 level.
Now, Bitcoin must hold the support at $44,600 as breaking below this support could trigger another sell-off.
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Analyzing the Charts
On the 1-hour chart, we can observe that BTC is moving in a downtrend and is creating a series of lower highs. The price seems to be squeezing towards the downside, which is a bearish trend and can push us lower.
We are almost forming a descending triangle here and could see another sell-off if we break below the support.
If that happens, the next level we will be watching is the $42,800 region which has acted as both support and resistance in the past.
On the other hand, if we hold the $42,800 region and put a higher high on the 1-hour chart, it will mark the end of our correction. The level we will need to conquer here is the $46,400 mark which we must break convincingly.
However, this scenario is less likely to play out as we are currently looking bearish in the immediate short term.
Conclusion: Is Bitcoin Bearish in the Short term?
Bitcoin is currently trading below a crucial support level and is looking bearish in the immediate short term. We are currently sitting on $44,600, which we must hold to regain the bullish momentum. If we lost this level, the next area would be watching is the major support at $42,800. Bouncing off this level successfully will mark the end of our retracement.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. This guide can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of best Bitcoin Exchanges To Trade With.
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