What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the support at $23,600 and is struggling to hold it on the lower timeframes. This morning the price did challenge the $24,200 once again but faced strong rejection and is now dropping rapidly. BTC has been moving within this zone for weeks now and will eventually make a big move in the coming hours or days. Once the price break below $23,600, we will have confirmation that the trend is reversed, and BTC will visit the lower levels 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 4-hour charts for Bitcoin, we can see that the price is currently trading below $23,600. If Bitcoin starts closing 4-hour candles below this level, it is we will see a significant drop in price in the coming days.
Once the price starts closing 4-hour candles below this level, the next support we will be eyeing for BTC is the $22,600 mark.
The $22,600 mark has acted as strong support previously, so we can expect BTC to hold it for a while before it moves towards our next major target of $20,600.
A bounce back is also expected from the $22,600 mark, but our mid-term targets will still be bearish for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin rejected the $24,200 mark once again earlier this morning, and the price has been struggling to gain momentum since. The selling pressure is increasing now, and bulls are also losing steam. It is likely that the price will touch the $22,600 mark in the coming hours. We are also interested in placing a short trade if the price starts closing 4-hour candles below $23,600.
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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