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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $39,400 mark and has been going sideways for the past several hours. The price is facing resistance around this crucial level and has been struggling to break above it since yesterday. As mentioned in our previous analysis, Bitcoin is currently in a critical zone and could either bottom out here or fall further dramatically in the near future. It would be interesting to see how the price closes this weekend as it will give us a good idea of what’s to come next. Let’s take a quick look at the latest BTC 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 30-minutes charts for Bitcoin we can notice that the price is gradually climbing and is currently facing some resistance around the $39,400 mark. It is also forming a rising wedge pattern and the price could move out of it in the coming hours.
A rising wedge is generally a bearish pattern as it indicates a reversal of the uptrend. If BTC breaks below this rising wedge, we can expect the price to retest the $37,700 mark once again.
The $37,700 mark is a major support level, and the price needs to hold it to gain some bullishness. If Bitcoin falls below this level another major sell-off is highly likely.
On the other hand, if BTC breaks above this structure in the coming hours invalidating it, the next resistance we will be eyeing is the $40,700 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading within a critical territory and is showing plenty of bearish signs at the moment. The price is near a crucial support level, and it will take something special from the bulls to hold the $37,700 mark. Right now, it looks like the price will retest $37,700 again and if that happens there is a decent chance of another sell-off. We will be watching the price closely in the coming hours and will place trades accordingly.
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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