Assets, Bitcoin

Is Bitcoin Going Up or Down Today?

As of this writing, Bitcoin is down 7.14% on the day, down 20.91% on the week and down 4.33% on the month.

The cryptocurrency is also down a whopping 54.32% on the year. So, is Bitcoin going up or down today? And what about tomorrow? Or next week?.

The simple answer is that no one knows for sure. However, there are a few things we can look at to get a better idea of where the market might be headed in the short-term.

First, let’s take a look at the weekly chart for BTC/USD. We can see that the market has been in a clear downtrend since peaking above $19,000 back in December 2017.

The market has found some support around $6,000, but has been unable to break out above $8,000 resistance.

NOTE: This question is impossible to answer definitively. The price of Bitcoin is extremely volatile, and it is impossible to predict whether it will go up or down on any given day. As such, any speculation on the direction of Bitcoin’s price should be approached with caution, as it is entirely possible that the price could move in the opposite direction to that which was predicted.

The daily chart doesn’t provide much more clarity. We can see that BTC is currently trading just below the $7,000 level, which has been both support and resistance over the past few weeks.

The market does appear to be consolidating here though, so a breakout in either direction could be coming soon.

The 4-hour chart looks like BTC could be headed for a move lower in the near-term. The market has failed to break out above resistance around $7,400 and is currently trading below the 50 and 100 moving averages (MA).

If support around $6,800 breaks, we could see BTC head back towards $6,000 levels.

So, where is Bitcoin going next? It’s really anyone’s guess at this point. However, the technicals do suggest that further downside could be in store for BTC in the short-term before any meaningful rebound takes place.

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