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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,300 mark and is struggling to gain bullish momentum on the lower timeframes. The price is struggling to break above $31,500 and has already rejected it twice this week. BTC must break above this resistance in the coming hours or days in order to gain some bullish momentum on the lower timeframes. Also, the trading volume is quite low, which is one of the reasons why the price has been going sideways for the last month. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is holding the $30,000 mark. We can also notice that the resistance BTC is facing right now is around the $30,800 mark.
The $30,800 has acted as strong resistance in the past, and as long as the price is trading below this level, we can expect BTC to make a move towards the downside. We can also notice that the price is currently forming a symmetrical triangle on the 30-minutes timeframe, which means a move is around the corner.
If the price breaks towards the upside, we can expect Bitcoin to retest the $31,500 mark once again.
On the other hand, if BTC breaks below $30,000 and moves towards the downside, the next immediate level we will be watching is around the $29,500 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving within the consolidation zone and could continue moving sideways for the next few days. The price needs to get above the $31,500 mark convincingly in order to attract more buyers. Right now, we will not be placing any short-term trade on BTC and will wait for it to move out of the consolidation zone.
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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