What is Bitcoin (BTC) Doing Right Now?
Bitcoin is now trading below the $18,600 mark and is finally making a move on the lower timeframes. The price has been trading above this level for weeks now, and breaking below it could result in a sell-off. Bitcoin is still moving in a bearish trend on the bigger timeframes and has not broken out of it. It is likely that Bitcoin will form a new bottom in the coming weeks and head towards levels it has not visited in the last couple of years. The support we were watching for Bitcoin previously was the $19,000 mark. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price has not broken below $18,600 convincingly on the 4-hour timeframe.
The $18,600 mark has a lot of significance as it has acted as a major support in the past. If the price manages to close multiple 4-hour candles below this level, we can expect a sell-off for BTC. The sell-off is also highly likely if the price closes the current daily candle below the $18,600 mark.
The next level we will be eyeing in that scenario is the previous bottom around the $17,600 mark.
On the other hand, if the price manages to somehow attract buyers below this level, we can see some short-term bullishness. The target to eye in that scenario will be the strong resistance at $19,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the $18,600 mark and is finally trying to break out of the consolidation zone. The price has been hovering around this area for a while now, and now we are finally seeing it make a move. If Bitcoin closes a daily candle below this level, we will be interested in placing a short trade on it with a tight stop loss.
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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