Bitcoin (BTC) Price Analysis: A Quick Look at the Micro-Timeframes (21-Sep)
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $19,200 mark and is trying to gain bullish momentum on the lower timeframes. As mentioned in our previous analysis, the price is trading below the $19,600 mark for the past couple of days and is struggling to break above it. The support level we are currently watching for BTC is the $18,600 mark. It is an area that has acted as strong support in the past and bears will have to push hard to break below it. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the immediate short-term.
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Analyzing the 15-minutes Charts
If we take a quick look at the latest 15-minutes charts for Bitcoin we can see that the price is now moving in an uptrend. We can also notice that the price just broke above the immediate resistance at $19,100 a couple of hours ago.
The price has now flipped $19,100 mark into immediate support and the next level we are watching is the strong resistance at $19,600.
Breaking above $19,100 is a sign that BTC might retest the resistance again. We will be interested in shorting BTC if the price rejects this level.
On the other hand, if the price breaks below $19,100 soon then we will again be looking at the major support at $18,600.
The trading volume still seems to be dropping and it is likely that we will be seeing a strong rejection around the $19,600 mark.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently looking to retest the resistance at $19,600 once again and is still looking bearish on the lower timeframes. It is likely that we will see a strong rejection for Bitcoin in the coming hours. If that happens we will be interested in placing a short-term sell-trade on Bitcoin. We are also eyeing the previous bottom in the coming days and are interested in accumulating more Bitcoin.
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