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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below an important support level and is showing bearish momentum. In our previous price analysis, we labeled some key horizontal levels, and Bitcoin is currently respecting the resistance at the $32,700 region.
Now, we will look at the 4-hr charts and find some structure to analyze where the price is headed next.
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Taking a Look at the 4-hr chart
On the 4-hr chart, we are respecting the resistance at the $32,700 region. We can also observe that we broke above the resistance for a few hours but fell below again.
We can also see that BTC was forming a symmetrical triangle on the 4-hr charts and has finally broken below it. This is a bearish indicator, and we might finally touch the $31,000 level soon once again.
The price has moved out of the triangle and has already retested its bottom. The rejection of this bottom level at the $33,000 region means we might take a nosedive.
If we draw a line from top to bottom of this triangle structure and put it on our retest mark, we can see that the price can also fall to the $28,000 – $29,000 region.
If the price drops to this level, it is highly likely that we will see a sharp bounce back. It is also the point at which we will be interested in putting a long-trade on Bitcoin.
Conclusion: Is Bitcoin Still Moving Downwards
As we can observe on the 4-hr chart, Bitcoin is still bearish in the short term. We have just broken below a couple of important levels and could be heading downwards in the next few hours.
Bitcoin is moving sideways for the past couple of weeks, and it could also be an indication of a big move in the near future. As of today, we are still currently bullish on Bitcoin in the long term. But we might drop a little lower on the shorter time frames.
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