What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,000 mark and is struggling to stay above this level on the lower timeframes. We have not seen too much movement for BTC in the past week as the price is quite stagnant, and the trading volume is also low. The selling pressure has decreased a bit at the moment, but the bulls are still not pushing the price now. Right now, we are expecting some more sideways movement for Bitcoin in the immediate short term. Let’s take a quick look at the latest 4-hour charts to see where the price could go in the immediate short term.
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Analyzing the Charts
If we take a quick look at the 4-hour charts for Bitcoin, we can see that the price is barely holding the support at $19,900. If Bitcoin manages to bounce back from here successfully in the coming hours, then the next level we will be watching for Bitcoin is the strong resistance at $21,800.
We can also notice that the price is forming a symmetrical triangle and can go either way in the short term.
A symmetrical triangle is a neutral pattern that can break out in either direction. If the price breaks towards the upside, we can expect Bitcoin to challenge the strong resistance at $21,800. It is the major level BTC needs to flip in order to gain significant bullish momentum.
On the other hand, if the price breaks towards the downside, Bitcoin will likely retest the $17,500 region where it formed a bottom last month.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently going sideways and could go either way in the short term. The price has not shown any major signs of relief yet, but we can expect the price to go up before it drops further. The market does not move in one direction for too long, and it is likely that we will see a bit of a relief rally in the coming days. However, we would still not be placing any short-term trades and will wait for the price to make a major move.
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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