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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below $31,000 and is headed towards the next support zone of $28,900. As predicted in our previous price analysis Bitcoin did end up closing multiple candles on the 4-hr charts below $31,000.
This price action is a bearish indication and more proof that we are headed towards $28,900.
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Analyzing the Bitcoin (BTC) Charts
We can see on the 1-hr charts that Bitcoin has broken below and retested the support at $31,000. The rejection at retest is an indicator that we are headed further below and our next level to watch is $28,900.
We will have to see how the price reacts when it falls to $28,900. A bounce back from this region is possible provided we see a spike in trading volume. This level has acted as a support on the daily timeframe in the past so it is not unlikely.
On the other hand, the bearish trend could continue and we could fall further down to the next support level at $27,000.
If the price breaks through $28,900 in the next couple of days we might be in for a short bearish cycle.
We can also see on the 4-hr charts that the price has broken below the descending channel we discussed in our previous analyses.
This price action is also a confirmation that we are headed downwards and the trend is still bearish.
Conclusion: What is Next for Bitcoin?
Bitcoin is currently breaking down and is headed towards the downside. At the moment the price is looking bearish on all indicators, and we might witness a further drop.
It is also looking highly volatile and unpredictable and we would not be trading Bitcoin until its price gets stable.
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