What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $47,200 and is struggling to gain strong bullish momentum. The price was moving within the consolidation range above $47,200 and today BTC moved out of it. If Bitcoin fails to reclaim this crucial support in the coming hours, we can expect further correction for Bitcoin. Rejection at this level means that we will be retesting the lower levels that we mentioned in our previous analysis.
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Analyzing the Charts
If we take a look at the 1-hour charts we can see that Bitcoin tried to break above $47,200 just now but is falling below it once again. The support level we will be watching for Bitcoin at the moment is the $46,200 mark that did keep the price in check after BTC dropped below $47,200.
It is also likely that Bitcoin will fail to hold the $47,200 level if it retests again and we would be heading further lower. The level we will be watching in that scenario is $46,200 which is a strong level of support.
On the other hand, if Bitcoin succeeds to break above $47,200 in the near future, the next resistance level we will be eyeing is the $48,800 region.
However, the bearish scenario seems more likely at the moment and further correction for Bitcoin is expected in the coming days.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around a crucial support level and if it fails to reclaim it as support, we can expect a further correction. Right now we would not be placing any trades on Bitcoin and will wait for it to stabilize above one of the strong levels. The $44,000 region is now in play and we would be interested in accumulating more Bitcoin at that level.
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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