What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the support at $60,000 and is looking bearish in the immediate short term. The price has been bouncing back and forth between $60,900 and 58,900 for the past few hours. If BTC does not break above $60,000 soon we would be challenging the support level at $57,900. It is also likely that we will break below this level for further correction. Let’s take a look at what bearish scenario we can expect for Bitcoin.
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Analyzing the Charts
If we take a look at the 1-Day timeframe we can clearly see that Bitcoin is overdue a correction. The price has been on a steady rise for several weeks and we have not seen any significant price correction.
We can also see a bearish diverge on the RSI as the price action is forming higher highs but on RSI we have a lower high.
We would not be surprised if we see a further correction for Bitcoin in the coming days. In that scenario, the region we would expect to hold is above the $53,000 mark.
If we do see the price drop to this level we would be interested in accumulating more BTC. The $53,000 – $54,000 level could be the bottom for Bitcoin and would be headed towards our target of $70,000 once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently in a correction phase and is trading around a crucial level on shorter timeframes. If we see Bitcoin closing today’s candle below $60,000, we could expect another sell-off. On the other hand, even if we break above $60,000 on shorter timeframes, we would still not be bullish on Bitcoin until we get more confirmations. Currently, we would not be placing any trades on Bitcoin and would be watching the charts closely.
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