Bitcoin (BTC) Price Analysis: Targets for the Immediate Short Term (04-Aug)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $23,000 mark and has not moved much since our previous price analysis. The price has been going sideways for the past few days, and there is no buying or selling pressure at the moment. Right now, the support level we are watching for BTC is the $22,600 mark. It has been holding the price nicely for the past couple of days, and bullish scenarios are still possible as long as the price is trading above this level. The current resistance we are watching for BTC on the lower timeframes is around the $23,400 mark.

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Analyzing the Charts

If we take a look at the latest 15-minutes charts, we can see that Bitcoin is struggling to gain momentum at the moment. We can see that the price was forming a symmetrical triangle and did break out of it eventually.

It could mean that the price might not retest the resistance at $23,400 in the next few hours and will likely move towards support once again.

The support at $22,600 is an important level as breaking below it could trigger a sell-off for Bitcoin. The breakdown target for BTC in that scenario will be around the $20,600 mark.

We can also expect the price to find some support at $21,700, but a significant sell-off is likelier.

On the other hand, if the price pushes and breaks above $23,400 in the coming hours. We can expect another retest of the strong resistance at $24,200.

However, this scenario seems less likely as there is not much buying pressure in the market at the moment.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is still moving around the $23,000 mark and will likely move towards the lower levels after consolidation. Right now, we will not be placing any scalping trades on Bitcoin and will wait for it to move out of the consolidation zone. A move towards the downside is likely because the price is still moving within a downtrend on the macro timeframes.

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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