What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,500 mark and is still looking bearish in the immediate short term. As discussed in our previous analysis, BTC is going through a major correction right now, and we expect a further drop before bouncing back.
We can also observe that BTC has fallen below a major support level at $44,000, which has now turned into our new resistance.
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Analyzing the Shorter Timeframes
If we take a look at the shorter timeframes, the first level we need to watch in the immediate short term is the $43,000 mark. We fell below this level just a few hours ago, and it is now acting as our new resistance.
It is crucial for BTC to break above this level in the next few hours as it will help the asset gain some bullish momentum on shorter timeframes.
However, even if Bitcoin manages to break above $43,000, we could face a strong rejection at the $44,000.
The $44,000 was major support before but has now turned into strong resistance with which BTC can struggle.
The second important level for Bitcoin to watch on the shorter timeframe is the $39,000 level. If we face strong rejection at the $43,000 mark, it is highly likely we will be breaking below $40,000.
If that happens, the next support we will be watching for Bitcoin is the $39,000 level.
At this moment, it seems highly likely that we will face rejection at the $43,000 or $44,000 region and will be moving towards our lower targets.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is still looking bearish in the immediate short term, and we will be trading it with extreme caution. The price seems to be moving in a downtrend, and we can expect to touch some levels below $40,000 before making a significant move towards the upside.
However, we are still quite bullish on BTC in the long term and would not hesitate to accumulate more for our portfolio.
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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