What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $43,500 mark and has been going sideways for the past several hours. The price is currently trading below a crucial support level at $44,600 and must get above it to continue the bullish trend. As mentioned in our previous analysis, BTC needs to hold the $42,700 mark on the lower timeframes to reclaim the $44,600 mark in the immediate short term. Let’s take a look at the latest Bitcoin charts to see where the price is headed in the coming hours.
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Analyzing the Charts
If we take a look at the latest 30-minutes charts for Bitcoin we can see that the price has been going sideways for the past several hours. It is facing resistance around the $43,800 mark and is consistently trying to break above it.
We can also notice that the price is being squeezed at the moment and is forming a symmetrical triangle here.
A symmetrical triangle can breakout in either direction as it is considered a neutral pattern. If the price breaks towards the upside BTC will most likely challenge the $44,600 mark.
On the other hand, if the price breaks towards the downside, the level we will be watching is still the $42,700 mark. It might also take us toward the potential double-bottom pattern we discussed in our previous analysis.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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