What is Bitcoin (BTC) Doing Right Now?
Bitcoin is still going sideways on the lower timeframes and has not made any major moves in the past three weeks. The market has not been as volatile lately as BTC is consolidating between the $28,600 and the $30,800 marks. As soon as the price moves out of this zone, we can then expect Bitcoin to make a major move. Right now, there is not much happening on the lower timeframes, and the trading volume is also low. Let’s take a look at the latest 1-week charts to see where the price could be heading in the coming weeks.
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Analyzing the Charts
If we take a look at the 1-week timeframe for Bitcoin, the first thing we can notice is the falling wedge structure that we have also discussed previously.
A falling wedge structure is a bullish structure that indicates that the price is being squeezed towards the downside, and the bears will eventually lose steam.
We can also notice the small recent red candles that indicate there has not been much movement for BTC in the past couple of weeks.
The first possible scenario here is that BTC will retest the bottom of the structure, and the price will fall more in the coming week before a relief rally.
Bitcoin will likely touch the $25,000 mark in the coming weeks if that happens. The current local bottom on lower timeframes is around the $26,700 mark.
On the other hand, it is also possible for the price to not fall further and start a relief rally towards the $34,000 to $35,000 mark in the coming weeks.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is still moving within a consolidation zone and could move in either direction in the coming weeks. The price has been falling for several weeks, so a relief rally is likely here. At the moment, it seems like the bears have lost steam, but the bulls are still reluctant to step in. In the short term, we would not be placing any trades until the price moves out of this consolidation zone.
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