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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and is still struggling to gain momentum on the lower timeframes. As mentioned in yesterday’s analysis, the price did bounce from the $29,500 mark and retested the resistance at $31,500. However, Bitcoin again faced rejection around this level and is now coming back to retest the $29,500 mark. There is not much buying pressure at the moment, and it is likely that the price will fall further in the coming hours. Let’s take a look at the latest Bitcoin charts to see where the price is 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 see that the price has rejected the $31,500 mark twice in the past couple of days. We can also notice that the price has formed a double top which is considered to be a bearish indicator.
A double top usually indicates that the price does not have enough steam to break above the resistance level. If this pattern does play out, we can expect Bitcoin to break below the support at $29,500 in the immediate short term.
The next support level we will be watching for BTC in that scenario is around the $28,600 mark.
The $28,600 region has been acting as strong support for over a month now, and the buyers will likely step in when the price hits that mark.
We will also be watching the $30,800 mark closely. If the price breaks above in the next few hours, BTC will likely retest the resistance at $31,500 once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been trading within the same zone for a while now and is currently struggling to break above the $31,500 mark. There is not enough volume at the moment that can push the price above current resistance levels. It is likely that Bitcoin will drop a little in the immediate short term. We will not be placing any short-term trades on BTC at the moment and will wait for a strong indicator.
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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