What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and has been going sideways for the past couple of days.The price is still struggling to gain bullish momentum due to extreme fear in the market and BTC can go either way in the short term. However, we can also notice that the selling pressure has disappeared for now and a relief rally is likely. Let’s take a quick look at the latest Bitcoin charts to see how the price is behaving at the moment.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price faced rejection around $21,400 and is currently retesting the support at $20,000.
We can see that the price seems to be heading downwards once again and we can also notice that BTC is printing another lower high on the 4-hour timeframe.
The lower high indicates that the price is trying to continue the downtrend and we can expect BTC to drop below $20,000 in the coming hours. The next support we will be watching for Bitcoin in that scenario is $18,200.
On the other hand, if the price gains some momentum here and Bitcoin starts a relief rally. The level we will be watching after $21,400, is the $23,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
On the 4-hour timeframe, Bitcoin seems to be continuing the downtrend momentum at the moment. The price might drop below $20,000 once again, and a retest of previous low is highly likely. However, a relief rally is not out of play either as the sellers seem exhausted and the buyers are getting ready to step in. In case of a relief rally, we will be looking for shorting opportunities in the coming days.
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