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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and is looking quite bullish on the lower timeframes. The price jumped more than 8% after the breakout last night and is again looking healthy once again. The next resistance BTC needs to get above is the $23,800 mark. It is the area where the price faced strong rejection a week ago, and breaking above it could give Bitcoin another push. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
The support level we were previously watching for Bitcoin was the $20,600 mark which has held the price in the recent past as well.
Now, as the price move towards the $23,800 mark, the new support we will be watching for Bitcoin is the $20,100. This area has also acted as both resistance and support in the past, and the price can retest before making another move towards the upside.
If the price manages to break above $23,800 in the coming days, then we will be quite bullish on Bitcoin. The next target we will be eyeing in that scenario is the $26,600 mark which we have mentioned in our previous analyses as well.
It is the area that was holding as support in June before the price crashed towards the lower levels.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is looking quite bullish at the moment and could continue towards the $26,000 mark in the coming days. As mentioned in our previous analyses, a move towards the $26,600 mark is also possible before Bitcoin jumps towards another correction. Right now, we are watching the price closely and will be interested in placing a long trade if the price breaks above $23,800 convincingly.
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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