What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is struggling to gain momentum on the lower timeframes. The price has been moving in a solid downtrend since last week and we can expect a further drop in the coming days. The price rejected the $22,600 mark last week and faced a strong rejection there. Since then, it’s been dropping consistently and is aiming for the bottom once again. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest 1-day timeframe we can also notice that the price is currently holding the support at $18,600.
We can also notice that the $18,600 mark is an important level as it has held the price nicely in the past as well. Every time the price reaches this zone, it bounces strongly.
If the price starts closing candles below $18,600 on the 1-day timeframe, it is likely that we will see another sell-off for Bitcoin.
The resistance we are currently watching for BTC is the $19,600 mark. And if the price fails to break above it and falls below $18,600 then the next level we will be watching is the $17,600 mark.
The $17,600 mark has significance because it is the zone where Bitcoin formed a bottom previously. It will be interesting to see how the price reacts to the level this time.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and will likely drop further in the coming hours. The main line to watch for BTC on the 1-day timeframe is the $18,600 mark. If the price starts closing candles below this zone, we will likely see a further correction for Bitcoin in the coming days. We will also be interested in accumulating more BTC through DCA once the price reaches the bottom around $17,600.
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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