What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and is trying to gain bullish momentum on the lower timeframes. It has found major support around the $30,000 mark and it would be interesting to see whether bulls will push hard to hold this level, or the bears will break it. As mentioned in our previous analysis, a relief rally is also on the cards as the $30,000 region has acted as a major support in the past as well. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is struggling to break above the resistance at $32,600. It is the main resistance level we are watching for BTC right now and breaking above it could be a sign of a relief rally.
We can also notice that there is a double-bottom here on the 1-hour charts as the price has bounced twice from the support at $30,000.
However, it is not looking like an ideal double-bottom as the price seems to be coming back for a third retest.
If we see another bounce from here that challenges the $32,600 mark it is likely that Bitcoin will break above the resistance. The next target we would be eyeing in that scenario is the $35,000 mark.
On the other hand, if Bitcoin fails to hold $30,000 in the coming hours and bears manage to push through. The next support we will be watching for Bitcoin is the $29,200 region.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $30,000 mark and that is a positive sign. The price has bounced twice from this level already and if we see another bounce here, it is likely we will witness a relief rally for Bitcoin soon. Once the price breaks above $32,600, it could be a nice opportunity to long Bitcoin towards the $35,000 mark. However, we would be waiting for the rejection of the $35,000 mark and will be interested in shorting BTC from there.
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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