What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $44,000 mark and is looking extremely bearish in the short term. The crypto King has dropped more than 7% in the past 24 hours and has also made the altcoin market bleed.
We can also see that the price broke below ascending wedge on the 4-hour charts and is now moving towards lower targets. In this price analysis, we will talk about the region where we are likely to find support.
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Analyzing the Charts
If we take a look at the 4-hour charts, we can see that the region we are currently trading is the support zone that we must hold.
We can see that the price is currently finding some support between the $44,000 and $43,000 region. This zone has acted as strong support in the past, and we might get a healthy bounce back from here.
However, on the 1-Day chart, we are struggling to hold an important Fibonacci level and could drop below it in the coming hours.
We can see that the price is currently struggling to hold the 0.6 level of the Fibonacci retracement. If we close the daily candle below this level, we will be quite bearish on Bitcoin. Also, the next zone we will be watching in this scenario is the 0.5 level.
We can also see that BTC is going towards the 200 daily EMA and might touch it before bouncing upwards. The 200 EMA is currently placed right above the 0.5 Fibonacci level, and we will likely touch it in the coming hours.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently looking bearish on the shorter timeframes, and we might be heading towards the $40,000 level once again. The price is dropping rapidly, and it is best not to trade Bitcoin in the short term. We will only be interested in trading Bitcoin when it touches a healthy bounce from one of the levels mentioned above.
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