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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $36,700 mark and is trying to recover from the last sell-off steadily. As mentioned in our previous price analysis, Bitcoin will likely break below the support at $35,800 in the coming hours. The level to watch for Bitcoin in the coming days is the $34,400 mark. It is the region where volume started flowing in the last time, and a bounce back is expected. Let’s take a look at the latest lower timeframes chart to see where the price is headed in the next few hours.
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Analyzing the Charts
If we take a look at the 30-minutes chart for Bitcoin, we can see that the price is bouncing back from the $35,800 mark. It is currently headed towards the $37,000 level where it already faced rejection a few hours ago.
It is likely that the price will face rejection at $37,000 and will go back to retest the $35,800 support once again.
We can also see that the price is forming a rising wedge on the 30-minutes charts. Once the price breaks below it, we will see a sell-off towards $35,800.
Also, it is our speculation that the price will break below the $35,800 mark too when it comes to retesting it. Bitcoin could drop again to the $34,400 mark for a liquidity grab. The volume could drop to this level and a bullish reversal is on the cards.
If the price does bounce from $34,400, we will also be interested in placing a long-trade on BTC with a tight stop loss.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is still trading in a critical zone and can go either way in the coming days. Right now, it seems to be heading towards the downside. It might just be a liquidity grab and bouncing from $34,400 could give Bitcoin much-needed momentum. We will be observing the price closely in the coming days and will also analyze the bigger timeframes after this move.
Margin Trading for Beginners
If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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