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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $21,000 mark and has been moving within the same zone for the past few days. The price is struggling to break above $21,600 and will likely continue to drop in the coming hours. The trend is bearish for BTC on most of the timeframes, and we can expect the price to touch the previous bottom in the coming days. Right now, the support level we are watching for Bitcoin is the $20,600 mark. As soon as the price starts closing 4-hour candles below this level, we can expect another sell-off for BTC. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next.
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Analyzing the Charts
If we look at the latest Bitcoin charts, we can see that the price has been trading within the same zone for the past few days. We can also notice that on the 4-hour charts, BTC is forming a Bear flag that could play out in the short term.
A Bear flag is a bearish continuation pattern that indicates that the price will continue to drop on the given timeframe. If Bitcoin fails to break above this channel in the coming day or so, we can expect this pattern to play out nicely.
If that happens, the next major support we will be eyeing for Bitcoin is the $19,200 region.
The $19,200 region is an important area as it has acted as strong support on the 1-day timeframe for the past few months. It will likely give the price some push before further downside continuation.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above a crucial support zone and could break below it anytime. If the price does start dropping once again in the immediate short term, we will be interested in shorting BTC. The target we will be eyeing for this short-term trade will be the $19,200 mark. A move towards $22,600 is also possible in the short term but seems unlikely 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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