What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $43,500 mark and has not moved much in the past several hours. As mentioned in our previous analysis the price is facing resistance around the $44,700 mark and could be headed lower before in the short term for a retest. The immediate support we will be watching for BTC right now is the $42,800 mark as the price has been consolidating above it since yesterday. Let’s take a look at the latest Bitcoin charts to see how low the price can go in the immediate short term.

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Analyzing the Charts

If we take a look at the latest charts for Bitcoin, we can see that the price was moving within a symmetrical triangle on the lower timeframes and has just broken below it.

The bottom trendline of this structure was acting as support for the price after it faced rejection at the $44,700 mark. As of now, the price has broken below this trendline, and Bitcoin is headed towards the support at $42,800.

The breakdown target for this structure is below the $42,800 mark so it is likely that we will break below our support level as well. The next area we will be watching in that scenario is the $41,700 mark.

If that does happen it will be healthy for the price action. There would be significant buying pressure around the $41,700 region and the volume will likely increase. We will also consider it as a nice entry point for BTC if the volume spikes.

Conclusion: Final Verdict on Bitcoin

Right now, Bitcoin is looking quite suitable on the lower timeframes and could be heading towards the $41,700 mark for a correction. A rejection is expected at the $44,000 mark and that is exactly what is happening for Bitcoin. The $41,700 region invited good volume when BTC was trading around it last time. If the price drops to this level again it could be a nice opportunity to buy more Bitcoin.

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