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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $40,500 mark and is struggling to break above the resistance at $40,700. As pointed out in our previous analyses, the $40,700 mark is a crucial level and Bitcoin needs to stay above it to sustain the bullish momentum. For the past few weeks, things have been pretty quiet for Bitcoin as we have not witnessed the volatility we experienced in the months before. Let’s take a look at the latest Bitcoin charts to see where the price could head in the coming week.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin on the 1-day timeframe we can see that the price is still moving within the symmetrical triangle we pointed out in a couple of our recent analyses.
A symmetrical triangle is a neutral pattern that can break out in either direction. Right now we are speculating Bitcoin to retest the top of this symmetrical triangle in the next few days. For that to happen, it is crucial that Bitcoin closes above the $40,700 mark on the 1-day timeframe today.
On the other hand, if Bitcoin closes today below $40,700 it is likely we will retest the bottom of the structure again. We will be watching that move closely as breaking below it could trigger another sell-off that could go as low as $30,000 in the mid-term.
However, this scenario is not too likely at the moment, and we are expecting bulls to push the price up once again.
Conclusion: The Final Verdict on Bitcoin
Bitcoin is currently in an indecisive zone and could go either way by the end of the day. It is crucial for BTC to break above the $40,700 mark on the lower timeframe. That way the price will at least retest the top of this symmetrical triangle even if it does not break above it. If the price consolidates for the next two days, we can expect a major move on Monday.
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