What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and is again trading within the consolidation zone we have mentioned in our previous analyses. The price did break above the resistance at $19,600 yesterday but failed to flip it into support on the 1-day timeframe. Right now, the support level we are watching for Bitcoin is the $18,600 mark. It is likely that the price will not break below this level and continue the downtrend. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed next in the coming days.
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Analyzing the Charts
If we take a look at the latest 1-day charts for Bitcoin, we can notice that the price broke above $19,600 but couldn’t close the candle above it.
We can also notice that Bitcoin has been trading below this mark for over a week now and is struggling to break above it.
The rejection at $20,400 is a sign that the price will likely break below $18,600 in the coming days. If that happens, the next area we will be eyeing for Bitcoin is the $17,600 region.
It is the region where the price bottomed out a few weeks ago. It is likely that bulls will try to push the price once again when Bitcoin tests this level in the coming days.
Keep in mind Bitcoin has not dropped below the $17K region in the last two years. If that happens, we will likely see another sell-off for BTC.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 region and will likely drop further in the coming days. The price has been trading within the same zone for over a week now and will eventually move out of it soon. The support level we are currently watching is the $18,600 mark. We will be accumulating more BTC with dollar-cost-averaging once it drops to the $17K region.
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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