What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,000 mark and has been going sideways for the past few days. The price is moving within a consolidation zone and there doesn’t seem to be any buying or selling pressure at the moment. The resistance we are currently watching for BTC on the lower timeframes is around the $31,000 mark. If Bitcoin can manage to break above this level in the coming hours or days, we will start getting bullish on BTC. On the other hand, the support we are watching for BTC right now is around the $29,200 mark.
Let’s take a quick look at the latest charts to see what levels we will be eyeing next once the price breaks out of this region.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, the first thing we can establish is that the price is moving within a consolidation range.
The price is bouncing back and forth between, the $29,000 and the $31,000 region. Once the price moves out of this zone, we can expect a big move in either direction.
If Bitcoin can manage to break above $31,000, we will start getting bullish on it. The next resistance level we will be watching in that scenario is around the $32,200 mark.
On the other hand, if the price breaks below the $29,200 mark we can expect a big move toward the downside. The first support level we will be watching in that scenario is around the $27,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin has been going sideways for the past few days and there is not much happening on the lower timeframes either. Right now we are closely observing the price and will see how it will play out in the immediate short-term. As soon as the price breaks out of the consolidation zone with high volume, it could be an opportunity for a new trade. Also, the price has been falling for several weeks and a relief rally is also possible in the near future.
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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