What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $40,000 mark and is struggling to gain bullish momentum on the lower timeframes. The price has been dropping rapidly over the past couple of days and is struggling to find proper support at any level. Right now, we can see that the price is bouncing back from the support at $39,300 which we pointed out in our previous analysis. If the price does spike here the level, we will need Bitcoin to reclaim is the $42,100 mark. Let’s take a look at the latest daily charts to see where the price is headed in the coming week.
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Analyzing the Charts
If we take a look at the 1-day charts for Bitcoin, we can see that the price is still trading within the rising channel we have been watching for a while now.
The price has been moving within this structure for months now and Bitcoin has not closed a single 1-day candle below this channel. Right now, we can see that the price is at the bottom of this channel, and we will likely see another bounce.
The first level Bitcoin will need to reclaim is the $40,800 mark. It is an area that has acted as both support and resistance in the past and breaking above it could be an indicator of a bounce back.
However, we would only be placing a trade when we have some sort of confirmation on the lower timeframe. Breaking above $40,800 would be a nice start for Bitcoin.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently struggling to gain bullish momentum, but we could also be at the end of this temporary sell-off. The price is currently trading above the $40K mark which is a good sign and shows that the bulls are trying to push the price. BTC is also at the bottom of a crucial structure on the 1-day timeframe so there are some nice signs of a bounce from here. However, we would still wait for proper confirmation and would not be placing any trade on Bitcoin just yet.
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