What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the previous resistance at the $20,700 mark and is trying to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price was facing resistance around the $20,700 mark and BTC finally managed to break above it a few hours ago. However, the price is currently retesting the level as support on the 1-hour timeframe and must stay above it to sustain the momentum. Let’s take a look at the latest Bitcoin 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-minute charts, we can see that the price is now trading above that $20,700 zone and is trying to hold it as support. If BTC manages to bounce back from this level successfully, we can expect it to challenge the $21,400 mark next and start a relief rally.
If this scenario plays out we can expect Bitcoin to climb further in the coming week as the buyers will likely step in once again.
On the other hand, if the price loses the $20,700 mark once again, then we will expect the price to also break below the $19,800 mark it was respecting previously. The next support we will be watching, in that case, is the local bottom at $18,000.
The price is also approaching the weekend so we can expect the trading volume to drop further. It seems unlikely that Bitcoin will hold $20,700 and will fall back to $19,800 once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is showing some bullish signs on the lower timeframes, but the trading volume is still low. We are also entering the weekend so it is likely that we will see Bitcoin fall or go sideways for the next few days. Right now, we would not be placing any short-term trade on BTC and will wait for it to move out of the current price zone.
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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