What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $28,900 mark and has been going sideways for the past couple of weeks. As mentioned in our previous analyses, BTC is currently in a consolidation phase and the trading volume is also low. On the lower timeframes, the price has been bouncing back and forth between the $28,600 and the $30,800 mark. Once Bitcoin starts closing 4-hour candles out of this consolidation zone we would likely see a big move in either direction. Let’s take a quick look at the latest 15-minutes charts to see where the price is headed in the immediate short term.
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Analyzing the 15-minutes Timeframe
If we take a look at the 15-minutes timeframe we can see that the price is currently facing resistance around the $30,200 mark. BTC faced rejection at this level a few hours ago and is now headed towards the $29,500 mark once again. The $29,500 mark is currently acting as the support level for Bitcoin.
If Bitcoin manages to bounce from $29,500 once again and successfully breaks above the $30,200 mark. We will expect the price to retest the $30,800 level next.
However, that seems unlikely, as the price is being squeezed on the 1-hour and 4-hour timeframes. The price will likely break below $29,500 in the next few hours and will touch the next support at around $29,000.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still moving within a consolidation zone and could go either way in the coming days. The price has not moved much in the past couple of weeks and there have not been many trading opportunities during this time. We are observing the price on the 15-minutes timeframe and would be interested in scalping between the levels mentioned above. We would not be interested in any big trades until the price moves out of this consolidation 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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