What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $40,000 mark and is looking quite bearish in the immediate short term. The crucial support level we were watching for Bitcoin previously was the $42,100 mark and the price is now trading well below it. Bitcoin has also broken below the $40,000 mark and we can expect a further correction in the coming days. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin we can observe that things are not looking healthy for the price at the moment. The support level we were watching for Bitcoin just a few hours ago was the $40,200 mark. Right now, the price is trading below this level and has flipped into resistance.
We can also notice that the price is dropping quite fast as there is barely any sideways movement in the 1-hour timeframe.
The price is currently retesting the $40,200 mark as resistance and will likely face another rejection here. If we switch to the 15-minutes timeframe we can see that BTC is already rejecting this level and could drop further. We can also see that Bitcoin has temporary support at the $39,300 mark.
The price will likely break below $39,300 in the coming hours and the next area we will be eyeing for Bitcoin is the $38,200 region.
The $38,200 mark has acted as both resistance and support in the past and Bitcoin could find some relief there.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is currently moving within a strong downtrend on lower timeframes and is looking quite bearish in the immediate short term. The price has been dropping rapidly for the past couple of days and it would be interesting to see where it will find some relief. Right now, we would not be placing any trades on Bitcoin and wait for the price to stabilize.
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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