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How is Bitcoin (BTC) Looking Today?
Bitcoin is still trading around the $16,800 mark and has been going sideways for the past week. The price is consolidating just below $17K on the lower timeframes and is currently struggling to gain momentum. Not much has changed for BTC over the weekend, as the price is still trading within the same zone and eyeing the same targets mentioned in our previous analysis. As long as Bitcoin is trading around the $16,800 region, we can expect the price to move toward the downside. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the immediate short term.
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Analyzing the Charts
The current support we are watching for Bitcoin on the lower timeframes is the $16,400 mark. The price has been staying above this level, and breaking below it could trigger a sell-off.
It is likely that the price will move out of the current resistance zone in the next couple of days, and if it breaks below the $16,400 mark, we can expect a sell-off toward the $15,900 mark.
The $15,900 mark has signific as it has been acting as the bottom for Bitcoin since last month. Bitcoin will likely find support there if it breaks below $16,400 in the short term.
On the other hand, if Bitcoin manages to break above the $16,800K region, then the next target we will be eyeing is the $17,400 mark.
The main resistance BTC will need to overcome will be around the $18K region, which was the previous area of support for Bitcoin before it broke below.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is trading around $16,400 and could continue sideways in the coming hours. Right now, we are expecting BTC to move out of the current zone in the next couple of days. It is likely that the price will drop further, and we will be eyeing the $15,900 mark next. We will not be placing any trades in the immediate short-term and will wait for the price to make a move first.
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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