Bitcoin (BTC) Price Analysis: A Quick look at the 1-Hour Timeframe (07-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $18,800 mark and is looking quite bearish on the lower timeframes. As highlighted in our previous analysis, the price has broken below the $19,600 mark the bears are looking to dominate the market. BTC was trading between the $19K – $20K region for days and has finally broken below it. The price also broke through the $19,200 region, which has acted as strong support for Bitcoin in the past. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price has found some support at around $18,600 and is trying to bounce off this level.
We will also be keeping an eye on the $19,200 mark as it is a crucial region, and the price might not be above it. The $19,200 mark has acted as strong support in the past months and could be flipped into resistance.
It is also possible that the price will reject the $19,200 mark and drop below $18,600 in the coming hours.
If that happens, the next immediate support we will be eyeing for Bitcoin is the $18,200. It has acted as temporary support in the past, and BTC could consolidate a little here before heading towards the previous bottom at around $17,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading below the $19K region and is looking quite bearish in the lower timeframes. We can expect the price to go sideways for a little while, but it is likely that it will drop to the $17,600 mark in the near future. We are still standing by and will not be placing any short-term trades on Bitcoin. However, we will be accumulating more Bitcoin on the spot as the price continues to touch these lower levels.
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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