What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $18,800 mark and is still struggling to gain bullish momentum on the lower timeframes. As mentioned in our previous analyses, the price is currently facing resistance at $19,600 and will likely continue the downtrend in the coming hours. Right now Bitcoin seems to be consolidating on the lower timeframes and we can expect some more sideways movement in the short term. Once the price breaks out of the current zone a big move will be on the cards. Let’s take a quick look at the latest Bitcoin charts to see where the price could be heading next in the coming hours.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the current resistance and support levels we can identify for it are the $19,600 and the $18,600 mark respectively. The price will likely bounce back and forth between these two levels in the coming hours.
Bitcoin is currently facing strong resistance around $19,600 as the area has rejected the price once already. If the bulls manage to push above this level in the coming hours, it is likely that Bitcoin will retest the previous resistance at $21,100 once again.
However, it is more likely that the price will break below $18,600 after some sideways movement and will be headed towards the bottom zone once again. The level we will be eyeing for Bitcoin in that scenario is the $17,600 mark.
It is the lowest level Bitcoin has touched in the past couple of years and we can expect the bear market to continue when the price breaks below this zone.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading just below the $19,000 mark and will likely continue to drop in the coming hours. Right now, the price is moving sideways, and the bulls have not shown any strong signs of pushing the price up. If the price breaks below $18,600 convincingly in the short-term we will see a retest of the $17,600 mark. We will also be interested in accumulating more Bitcoin in chunks when the price visits the bottom.
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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