How is Bitcoin (BTC) Looking Today?
Bitcoin is currently hovering slightly above the $28,600 support level, showing a bearish tendency on micro timeframes. As we noted in our previous analysis, Bitcoin has encountered yet another rejection at the $30,400 mark, prompting a retest of the $28,600 support. Despite relatively stagnant movement over the past ten days, a successful retest of this support could trigger a substantial price shift. We’re closely monitoring the support level and eagerly awaiting the market’s response to the upcoming retest. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (20-Apr-2023) to see where the price will be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price is sitting at the $28,600 mark and is trying to bounce back from here.
As the price bounces from here, the first resistance level we will be eyeing on the 1-hour charts is the $29,300 mark. If Bitcoin faces rejection here in the coming hours, there is a higher possibility of the price breaking below $28,600.
The $29,300 mark has acted as both resistance and support on micro timeframes, so it is crucial to monitor this level.
If the price did face rejection here and breaks below the $28,600 mark, the first support level we will be eyeing for Bitcoin is the $26,800 region.
However, it is likely that Bitcoin will retest the $25,000 mark once it breaks below $28,600 as part of the correction. The $25K zone acted as major resistance for several months in 2022. We can expect BTC to visit this level for a liquidity grab.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking bearish on the lower timeframes and could break below $28,600 in the immediate short term. We are monitoring the price closely right now and will be interested in shorting BTC if the price falls below $28,600. However, we will also be using a tight stop loss as it could be a fake-out as well. Right now, we are waiting for Bitcoin to close some 4-hour candle before we make our next move.
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.