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.
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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.
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