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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the resistance at $19,600 and is struggling to break above it from the past couple of days. As mentioned in our previous analysis, the price was facing resistance at $20,400 on the lower timeframes and got rejected a couple of times around this area. BTC fell back below $19,600 after the rejection, and we are again looking at a strong resistance level. The price traded below $19,600 for almost three weeks before, and we saw plenty of sideways movement for it during this time. 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
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price is currently retesting the resistance at $19,600.
We can also notice that the price has not dropped much and is just trading slightly below $19,600. If the bulls manage to successfully push the price from here, we can also expect BTC to get past $20,400.
On the other hand, If the price rejects this area with a healthy volume, we can expect the price to drop further. The main level we will be watching in that scenario is the support at $18,600.
The $18,600 area is a strong support zone that has held the price on multiple occasions in the recent past. It will be interesting to see how the price will react to this level in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading slightly below the resistance at $19,600 and could go either way on the lower timeframes. If the price does face rejection at this level, we can expect it to reach the $18,600 mark. A bounce from $18,600 is likely, but a break of the support is also possible. We will be observing the price closely and will not be placing any short-term trades at the moment.
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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