What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,800 mark and has not moved much since our last price analysis. BTC has been trading within the same zone below $20,600 for days now, and there hasn’t been enough trading volume to push the price out of this zone. The $20,600 region is a strong resistance level as it was also acting as major support previously. The bulls do not have momentum on their side at the moment, and it is likely that the price will continue to drop in the coming days. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the short term.
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Analyzing the Charts
If we take a look at the latest Bitcoin charts, we can see that the price is currently going back and forth between the resistance at $20,600 and the support at $19,600.
We can also notice that the price is now forming a symmetrical triangle and might continue to move like this for a few more days.
A symmetrical triangle is a natural pattern that can break out in either direction. However, as Bitcoin is still looking bearish on most timeframes, we will likely see this structure break towards the downside.
Another important immediate support we are watching right now is the $19,200 mark. It is a crucial region from where we have also seen the price bounce before.
However, if we see another sell-off for BTC in the coming days, the next region we will be eyeing is the $17,600 mark, where the price bottomed out before.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving just below the $20,000 mark and might continue to go sideways for the next few days. Right now, we will not be placing any short-term trades on Bitcoin and will wait for it to drop to lower levels. The macro trend is still bearish, and it is likely that BTC will form a new bottom in the near future.
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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