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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,500 mark and is trying to gain some bullish momentum on the lower timeframes. The price is currently facing resistance around the $39,800 mark and has just faced minor rejection on the 15-minutes timeframe. The $39,800 mark is an important resistance level as breaking above it means we will likely test the higher level as well. Let’s take a quick look at the latest BTC charts to see where the price is headed next in the immediate short term.
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Analyzing the Charts
The support level we are currently watching for Bitcoin on the 15-minutes timeframe is the $39,200 level. We can see that it has previously acted as resistance for Bitcoin and has just pushed the price up once again after rejection at $39,800.
If the price manages to break above this level in the coming hours, we can expect a retest of the major resistance at $40,700.
The $40,700 mark has been acting as strong resistance for a while now and the Bulls will have to really step up to break this level. However, it is unlikely that the price will retest this level and BTC could face rejection at $39,800 and fall further. The support level we will be watching in that scenario is the $38,500 mark.
We can also see that the rising wedge we mentioned in our previous analysis is still in play and it is likely that the price will move towards the downside.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is struggling to gain momentum on the lower timeframes and is likely to head lower in the coming hours. The price is currently struggling to break above $39,800 and another rejection here could trigger a sell-off. We can also see that price is reaching the neck of the rising wedge mentioned above. Right now, we would not be accumulating more BTC and will wait for the price to find major support.
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