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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $30,000 mark and is still going sideways on the lower timeframes. The price is moving within a consolidation zone for a while now and the volume is not flowing either. BTC is moving in a downtrend on the major timeframes but for the past few days, the momentum is shifting on the lower timeframes. The resistance we are currently watching for Bitcoin in the immediate short term is around the $31,000 mark. Once the price breaks above this level, we can expect a price jump from BTC. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next in the coming hours.
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Analyzing the Charts
If we take a look at the 1-hour timeframe for Bitcoin we can see that there has not been a significant change in price since our yesterday’s analysis. The price is still bouncing back and forth between the resistance at $31,000 and the support at $29,200.
We can notice that the price is trying to retest the support at $29,200 right now. It would be interesting to see how BTC reacts here as breaking below it could invite selling volume. If that happens the next immediate support, we will be watching for Bitcoin is around the $27,600 mark.
However, we can also see that the rising channel we pointed out yesterday is still intact. That means there have not been any changes in the trend and BTC could continue to move within the consolidation zone.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently moving within a consolidation zone and could go either way in the short term. Right now, it seems like the selling has stopped but the buyers still have not stepped in to take control. It would be interesting to see what direction the price will take once it moves out of this consolidation zone. Right now, we would not be placing any short-term trades on Bitcoin and will wait for it to make a move.
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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