What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the support at $38,200 and is looking a little bearish in the immediate short term. As mentioned in our previous analysis, the price did break out of the bull flag pattern it was forming on the 1-hour timeframe and faced rejection around $39,000. BTC is still moving within a downtrend on bigger timeframes and sellers seem to be dominating the market at the moment. Let’s take a look at the latest charts to see where the price is headed in the short term.
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Analyzing the Charts
Bitcoin is currently retesting the support at $38,200 on the 1-hour timeframe and will likely break below it. The selling pressure seems to be increasing at the moment and Bitcoin seems to be heading towards lower levels once again.
The next support level we are watching for Bitcoin right now is the $36,800 mark. It is a level that has acted as both support and resistance in the recent past.
We can also see on the 30-minutes timeframe that the price is currently forming a descending triangle. It is a bearish structure and that indicates we will be retesting the $36,800 mark soon.
Unless the bulls decide to press on the gas we can expect some bearish movement for BTC in the immediate short term. On the bigger timeframes, the trend can still go either way in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading in a critical zone and is looking bearish in the mid-term. However, we are still bullish on Bitcoin and the crypto space in the long term and even if we have several bearish weeks, the momentum will shift inevitably. Right now, we will place our trades with caution and would not be going too heavy on any long positions.
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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