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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading below $42,000 and is looking quite bearish in the immediate short term. As mentioned in our previous analysis the support level we were watching for BTC was the $42,700 mark. It is a region that has acted as support in the past as well and breaking below it means that Bitcoin facing selling pressure at the moment. Let’s take a look at some of the latest Bitcoin charts to see where the price is headed in the immediate short term.
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Analyzing the Charts
AS Bitcoin has broken below the $42,700 mark the next area, we will be watching for it is around the $40,000 mark. The asset has not fallen that low in months now but retesting it could also prove healthy for the long-term price action.
The $40,000 mark has acted as strong support in the past as well and it is likely that the price would bounce back from here. Also, if we switch to the 4-hour timeframe, we can also see that $40,000 is the breakdown target for the head & shoulders pattern that is playing out right now.
The $40,000 level appears to be the bottom for BTC at the moment. That is why we are expecting a nice bounce back from here.
If the price does gain some bullish momentum after the retest at the major level, we will need to break above is 45,800. Breaking above this level in the coming days will turn things bullish again.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is looking quite bearish at the moment, and we can expect it to touch the $40,000 mark soon. The price has been moving in a downtrend for several days now. We would not be placing any short-term trades on BTC to be on the safer side. However, we are still bullish on BTC in the long term and are dollar-cost averaging our way into more Bitcoin.
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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