Bitcoin (BTC) Price Analysis: Levels to Watch in the Immediate Short-Term
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,000 mark and has been going sideways on the lower timeframes. The price has been moving within the $18,400 and $19,600 zone for the past few days and is struggling to gain bullish momentum on the lower timeframes. The price did touch the $18,200 region momentarily yesterday after Fed announced a 0.25% hike in the interest rates. Right now, the resistance we are watching for Bitcoin is the $19,600 mark. It is a strong resistance area, and Bitcoin will likely face another rejection here. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed next 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 did break above $19,600 for a couple of hours yesterday. However, following the Fed announcement, the price dropped again and is still moving within the consolidation zone.
The support level we are now watching for Bitcoin is the $18,400 mark, which has held the price twice already in the past few days.
If the price somehow manages to get above $19,600 in the coming hours, then the next immediate resistance we will be targeting is the $20,200 mark. This area did act as resistance previously this week.
However, it is more likely that the price will drop in the coming hours, and we will see Bitcoin drop below the $18,600 mark.
The next support level we will be watching for Bitcoin is the $17,600 mark. It is the area where the price bottomed out previously.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $19,000 mark and has not moved much in the last 48 hours. It is likely that the price will continue to move sideways in the coming hours. We are expecting BTC to break below $18,600 in the coming days as the selling pressure is not declining. Once the price reaches lower levels, we will be interested in accumulating more Bitcoin via DCA.
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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