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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just around the $23,000 mark and is still consolidating on the lower timeframes. The price has not moved much throughout this week and has been moving around the support at $22,600. The main resistance Bitcoin needs to get above in order to get bullish once again is the $24,200 mark. The area has been acting as strong resistance, and the selling pressure is also high around this mark. In this article, we will 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 1-Hour Timeframe
If we take a look at the latest 1-hour timeframe for Bitcoin, we can see that the price is still moving within the same price zone. The first resistance level we are currently watching for Bitcoin is the $23,400 mark.
We can also notice that the price is currently trying to push above this resistance and seems to be rejecting it. If BTC manages to get above $23,400 in the coming hours, it still won’t be a bullish confirmation. The price must break above $24,200 convincingly to continue the uptrend it was following in late July.
The price is also forming lower lows on the 1-hour timeframe now and seems to be moving within a falling channel.
If the price breaks below this level, we can expect Bitcoin to make a big move toward the downside. It is likely that the price will drop to the $20,600 mark once it starts closing candles below $22,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still trading around the $23,000 mark and has not moved much throughout the week. We are now entering the weekend, and it is likely that the price will drop in the coming hours. Right we are watching the support at $22,600 closely and will be interested in placing short trades on Bitcoin if the price breaks below this level convincingly.
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The post Bitcoin (BTC) Price Analysis: A Quick Look at the 1-hour Timeframe (05-Aug) appeared first on Bitcoinsensus.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.