What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $20,000 mark and is looking bearish on most of the timeframes. The price is struggling to gain any bullish momentum due to extreme fear in the market, and selling pressure is consistently increasing. If we take a look at the lower timeframes, we can see that the price has bounced back from the $17,800 mark and is currently moving towards the upside. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is currently facing resistance around the $20,700 mark.
We can also see that this level has previously acted as support and might push the price lower in the coming hours. The price is moving within a downtrend, so it is likely that we will be moving towards $15K if BTC breaks below this support.
It is likely that Bitcoin will from another lower high here and continue the downtrend on the 4-hour timeframe. As there is extreme fear in the market, this scenario is quite possible in the coming hours or days.
On the other hand, If we take a look back at the 1-week charts, we can see that the price is holding above a crucial support zone.
This area is not only the 0.786 level of fib from the previous bear market low but also the all-time high from the 2017 market. Dropping below this level could trigger another major sell-off.
Conclusion: What is Next for Bitcoin (BTC)
Even though Bitcoin is looking quite bearish on the lower timeframes, we would not be placing any short traders just yet. The price is still trading above the crucial $18K – $20K zone, and as long as bulls are trying to hold this level, we can expect some sideways movement. Also, if we do see a relive rally towards $23,000 in the near future, we will be interested in placing a short trader there.
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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