What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below $30,000 and is headed towards the support level at $28,900. We are still struggling with low trading volumes and can move lower, as discussed in our previous BTC price analysis.
For the short-term, we need Bitcoin to hold the support at $28,900. Once it bounces back from this region, we could witness an increase in volume and a spike towards the upside.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $600 bonus. (Bonus may vary based on deposit amount)
Claim up to $30,030 in Bonus
Analyzing Shorter Timeframes
If we look at the 1-hr charts, we can see that the price is moving within a downward channel for the past couple of days. Bitcoin has just made a new lower-low on this timeframe and is now retesting the top of the channel.
A breakout of this channel could mean we will retest the $31,000 region once again.
However, if the volume does not flow, we could also break below towards the $27,000 region.
We can also observe on the 30-minute charts that the price is moving sideways. We could break this support at any moment and can fall to our target of $28,900.
Low trading volume can also be seen on a similar timeframe and is an indication that we are moving downwards.
We can expect a spike in volume only when we have touched our target. The touchdown of $28,900 might also just be a liquidity grab.
Conclusion: Where is Bitcoin Headed in the Immediate Short term?
Bitcoin is still looking bearish on the shorter timeframes, and we are likely to touch the $28,900 region. Once we bounce off that level, we could expect an increase in trading volume.
Bitcoin could also fall lower to the $27,000 region if our support does not hold. We will wait for the current scenarios to play out before making any new trades on Bitcoin.
Copy Trading With PrimeXBT
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.