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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below a crucial support at $39,600 and is struggling to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price has found some support around the $38,800 mark and is currently trying to bounce back from it. BTC has been struggling to shift the trend for over a week now and further correction is still on the cards. Let’s take a look at the latest Bitcoin charts on the 1-day timeframe to see where the price is headed next.
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Analyzing the Charts
The support we are watching for Bitcoin right now on the 1-day timeframe is at the bottom of the rising channel we have mentioned several times in our previous analyses.
As long as the price is trading within this channel there is a good chance of a bounce in the coming days.
However, if Bitcoin starts closing daily candles below this support we can expect another sell-off. The first support level we will be watching in that scenario is the $37,700 mark.
A bounce back from this support would be likely but it will also have a high chance of rejection from the bottom trendline of the structure.
On the other hand, if Bitcoin bounces from the bottom of the channel the resistance level, we will be watching for it is the $41,200 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above a crucial support level and could go either way in the coming days. Right now, it is crucial for BTC to hold the bottom trendline of the channel as support. If the price falls below it, another sell-off will be triggered and we will see a further correction for Bitcoin in the coming days. Right now, we would not be placing any short-term trades on BTC and will wait for it to stabilize above a strong support level or show major rejection.
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