What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $55,000 mark and has been moving sideways since our recent price analysis. The current resistance BTC needs to break above on the smaller timeframe is around at the $56,000 level. If Bitcoin manages to get above it we will be putting a higher high on the 1-hour charts and will resume our bullish run.
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Analyzing the Daily Timeframe
If we take a look at the 1-Day timeframe we can observe that the price is respecting the support at $53,800 from the past week.
We have been trading above this support for several days and it is likely we will bounce back from it if we see another sell-off for Bitcoin. We can also see that this level is overlapping with our Fibonacci support, which is another good sign for Bitcoin.
Another thing we can observe is that the price is respecting this rising trendline on the 1-day timeframe.
Once we bounce from the support at $53,800, we are highly likely to test this trendline once again. If we manage to break above this trendline in the coming days, we will be looking at a new all-time high for Bitcoin.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is still looking bullish in and we can expect it to make another move big towards the upside before October ends. The buying pressure is increasing and we are seeing the price go up every other day. Altcoins have been bleeding consistently for the past few days, which is a sign that Bitcoin dominance is increasing.
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