What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the resistance at $20,600 and is showing some bullishness on the lower timeframes. The price did manage to bounce from the $19,800 mark yesterday and is now retesting an important level as resistance. The $20,600 mark has acted as strong support in the past, and after a retest here, the price will likely flip this level into resistance. However, the price could also break above this level in the coming hours and retest the zone above before it resumes the downtrend. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short-term.
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Analyzing the Charts
The level we are currently watching for Bitcoin on the latest 1-hour charts is the $20,600 mark. It is likely that the price will face rejection here and continue the downtrend. If that happens, the next major level we will be watching for Bitcoin is the $19,200 mark.
On the other hand, if the bulls manage to push through $20,600, we can expect the price to climb further in the short-term. The next level to watch in that scenario will be the $21,000 mark which has also acted as support in the past.
We can also notice that the $21,000 region is the 0.618 mark of the Fibonacci from the swing-high to swing-low. A retest of this mark is also likely before Bitcoin faces strong rejection and continues the downward trend.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading just below the $20,600 mark and is still looking bearish on most of the timeframes. We can expect the price to touch $21,000 as well in the short-term, but it is likely that the price will face rejection around this level. The major target we are eyeing in the coming days is the $19,200 mark. It was the previous major support from where we saw the price bounce, and it will be interesting to see how BTC reacts to it this time.
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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