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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $20,000 mark and is finally showing some bullish signs on the lower timeframes. The price was going sideways for the past week or, say, as there wasn’t enough trading volume and bulls weren’t pushing too much either. Right now, BTC is trading above the crucial resistance at $19,600, and it will be interesting to see how the price reacts in the immediate short term. Let’s take a quick look at the latest Bitcoin charts to see where the price could head next in the coming days.
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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 has broken above the resistance at $19,600 and is gearing up for another move.
The current resistance we are eyeing for BTC is the $20,400 mark. The price could consolidate below it for a while before making another move.
However, the main level we are targeting next is the $21,100 mark. It is likely that Bitcoin will challenge this level in the coming hours or days. It will be interesting to see how the price will react to it.
As mentioned in our previous analysis, the $21,100 mark is also the Fibonacci level from the previous swing high to the swing low. The price is already forming a higher high on the 4-hour timeframe, and more bullishness is expected here.
On the other hand, if the price continues to drop once again. Then our main target towards the downside will again be the $18,600 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is now trading above the $20,000 mark and could show some more bullishness in the short term. The next level we are now targeting for Bitcoin is the $21,100 mark. We will also not be placing any short-term trades on Bitcoin at the moment before the price reaches this level. The macro trend is still bearish, and the bottom might not be in for Bitcoin just yet.
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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