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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading around the $20,000 mark and is looking quite bearish in the immediate short term. As speculated in our previous analysis, BTC did break below the support at $20,600 and is headed lower in the near future. The price was struggling to break above the resistance around $21,600, and multiple rejections have pushed BTC down once again. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can notice that the price was consolidating between $20,600 and $21,600. BTC has now broken below this zone, and we might see a little spike in trading volume in the coming hours.
The next level we are expecting Bitcoin to hold in the short term is the $19,800 mark.
This level has been holding nicely for weeks now, and a bounce from here is also likely. Even though the momentum is bearish, buyers could decide to step in at this level.
We can also notice that this support zone is also coinciding with the 0.5 level of the Fibonacci from the previous local bottom. So, it is likely that the bulls will try to hold this level in the immediate short term.
On the other hand, if the price continues to struggle due to the fear in the market, we can expect Bitcoin to retest the previous local bottom of $17,600 once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking bearish on the lower timeframes and could fall further in the immediate short term. The $19,800 mark has plenty of significance and should act as a strong support level on the lower timeframes. However, the fundamentals are not on Bitcoin’s side currently, and we can expect a further correction in the mid-term. Right now, we will not be placing any long trades on Bitcoin and will wait for the price to fall further.
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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