What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the crucial support at $46,500 and is looking a bit bearish in the immediate short term. The $46,500 level has held the price nicely in the past except for one day recently where it closed a few 4-hours candles below it. BTC is still moving in a downtrend on the 4-hour timeframe and despite having decent support at $46,500 it could fall further as well. Let’s take a look at the Bitcoin charts to see what we can expect in the short term.
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Analyzing the Charts
If we take a look at the 4-hour BTC charts, we can see that the price is still in a downtrend and is forming another lower-high. It is crucial for BTC to break this trend in the coming days in order to gain bullish momentum.
Also, the price is moving within a falling channel and once the price breaks out of it we can expect Bitcoin to make a big move.
On the other hand, if BTC loses the horizontal support of $46,500 the next level we would be watching is the $44,200 mark.
The $44,200 level has some significance as it has acted as both support and resistance in the past. If we fall to this level, we are likely to hold it.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin is still looking a bit bearish on the shorter timeframes, but we are still bullish on it in the long term. The price has been trading in the same range since the last flash crash and we can expect Bitcoin to make some moves again. There is also a fair chance that BTC will bottom out around $44,000 or $42,000 and the bullish run will continue.
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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