What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,800 mark and is struggling to gain momentum on the lower timeframes. The price has been moving within the same zone for the past week and is struggling to break above the resistance at $20,600. Right now, the horizontal support we are watching for BTC on the 1-hour timeframe is the $19,600 mark. The price is currently holding this level but could break below it soon. 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
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is being squeezed and is forming a symmetrical triangle.
A symmetrical triangle is a neutral pattern that can break out in either direction. However, it is likely that we will see thing triangle break towards the downside in the coming hours. The trend is still bearish, and Bitcoin is struggling to gain momentum.
If the price breaks below this level, then our breakdown target for this structure will be just below the $19,000 region.
On the other hand, a break towards the upside is not completely out of the question. If the bulls manage to push the price above this structure, the breakout target we will be eyeing is just above the $21,000 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,800 mark and could drop further in the short term. The price is currently forming a symmetrical triangle on the lower timeframes and will likely break down towards the downside. Right now, we will not be placing any short-term trades on Bitcoin and will wait for the price to move out of the current consolidation zone. It is likely that the price will drop below the $19,000 region soon.
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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