Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $36,600 and is seemingly moving in a downtrend on the lower timeframes. As mentioned in our previous analysis, the price was moving within a rising wedge on the 4-hour timeframe and has now broken below it. The bearish structure is playing out and we can expect the price to fall further in the coming hours. Let’s take a look at the latest Bitcoin charts to see how low the price will go and what we can expect in the immediate short term.
You can trade Bitcoin with leverage on Bybit. By using our link, you can get up to a $4,100 bonus. (Bonus may vary based on deposit amount)
Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin we can see that is $38,400 region and has now found some support at the $35,800 region. We can also observe that the price went as high as $38,900 before the sell-off was triggered.
The breakdown target for the rising wedge structure was below our current support so it is likely that the price won’t hold it for too long. The region we will be watching for Bitcoin right now is around the support at $34,400.
The $34,400 mark is the area we last saw the volume flow in. If the price does drop to this level a nice bounce-back could be expected from Bitcoin. There should be buying pressure there based on previous data, otherwise, things could get more bearish for Bitcoin in the coming days.
We can also expect Bitcoin to consolidate in this range for a few days before breaking out towards the upside once again.
Conclusion: What is Next for Bitcoin (BTC)?
As speculated in our previous analysis, Bitcoin is moving towards the support at $34,400 and is still looking a bit bearish. How the price reacts to this mark will tell us a lot about what’s coming next for Bitcoin. If we do see volume flow in once again at this level it is likely that we will see a big breakout. However, if the price falls further we will be heading towards the critical level at $30,000.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
[primexbt]
