What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $46,500 and is looking quite bearish in the immediate short term. The level we were watching for BTC previously was the $47,200 mark which was acting as strong support. It has finally broken below that level now and we can expect further correction for BTC in the coming days. The bulls will have to up their game to gain some bullish momentum here.
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Analyzing the Charts
If we take a look at the 4-hours chart, we can see that Bitcoin was forming a symmetrical triangle and has finally broken below it.
It started forming this pattern after the flash crash we experienced several days ago and has finally moved out of it. A symmetrical triangle pattern is a neutral pattern that can break in either direction and in this case we are seeing it headed downward.
The breakdown target for this structure would be below the $43,000 region but we can expect to find some support around $44,800.
We are also currently back-testing the $47,200 on the 1-hour timeframe. If the price manages to break above this level, we can gain some bullish momentum for Bitcoin.
Overall, things are looking bearish for Bitcoin at the moment, and it might not have bottomed out yet. Currently, we would be observing the price closely and won’t be placing any risky trades.
Conclusion: Is Bitcoin (BTC) Looking Bearish?
Bitcoin is looking a bit bearish in the immediate short term, and we can expect it to go further down in the coming days. However, we are still bullish on BTC in the long term and are expecting it to rally towards the $70,000 mark in the coming weeks. The current correction phase was needed for Bitcoin as we did see a significant increase in price in October without any setbacks. If BTC falls further, we would not hesitate to accumulate more of it.
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