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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $42,500 mark and is looking a little bearish in the immediate short term. The price has dropped below the support at $42,800 and could be headed lower in the coming hours. As mentioned in our previous analysis, Bitcoin was moving sideways for the past couple of days and has finally made a move towards the downside. In this price analysis, we will take a look at the 1-hour Bitcoin charts to see where we will find support next.
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Analyzing the Charts
If we take a look at the 1-hour charts, we can see that the price is currently breaking below the support but has not closed any candles yet. The breakdown will be confirmed when we have closed at least a couple of candles below this level.
If Bitcoin does end up closing candles below this level, we would be heading towards the $41,700 mark next. The $41,700 mark is a strong support zone, and we would expect Bitcoin to hold it.
The $41,700 region is where we saw the volume flow last time. It is likely that bulls will try to hold this level in the coming days and the volume will rise once again.
However, we must also keep in mind that Bitcoin has retested this level several times and could breakout below as well. BTC also has a bearish indicator on the weekly timeframe and there is also a chance of breaking below it in the coming days.
We talked about this indicator briefly in one of yesterday’s price analyses. You can read it here to find out what is happening on the bigger timeframes.
Conclusion: What is Next for Bitcoin (BTC)?
As BTC breaks below $42,800 the important level we will be watching for it is the $41,700 mark. It is a region where we have seen the buyers step in a couple of times in the past several days. Right now, it would be interesting to see how the price responds to this level and whether we will hold it or will be heading below $40,000 once again.
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