What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading just above the $55,000 mark and is looking a little bearish in the immediate short term. As mentioned in our previous price analysis, BTC broke below the symmetrical triangle we were forming on smaller timeframes and fell to the $55,000 level. The price has been going up for the past several days and this fall in price could prove a healthy correction for Bitcoin.
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Analyzing The Charts
If we take a look at the charts now we can observe that Bitcoin is currently holding the $55,000 – $55,200 region. It seems like there is some buying pressure around this year and the area is acting as our current support.
However, if we keep trading near this support zone we are likely to break below it. In that scenario, the level we will be watching for Bitcoin is the $53,800 mark.
The $53,800 level is a crucial level that has acted as strong support in the past. It is likely we will see a nice bounce-back towards the upside if we fall to this level. We will also be interested in buying more BTC if we bounce back from this level successfully.
On the other hand, the first resistance level we would need to get above is at $56,000. We broke above this level a couple of days ago and are now trading below it once again.
If we manage to break this level in the coming hours, we will be bullish on BTC again in the short term and would be challenging the $57,800 mark once again.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is still looking quite bullish and is only going through a healthy correction on the shorter timeframes. We can expect BTC to fall a little lower in the coming hours (to our above-mentioned support). However, once it bounces back from there, we would be interested in longing it once again. We are also expecting Bitcoin to put a new all-time high by the end of this month.
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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