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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $39,300 mark and is looking quite bearish in the immediate short term. As mentioned in our previous analysis the price did manage to break above the resistance around $39,100 but is struggling to hold it as support. It is crucial for Bitcoin to get above the $40,300 mark in the coming hours to gain some bullish momentum. Otherwise, the price will be headed towards the lower levels once again. Let’s take a quick look at the 1-day charts to see where the price is headed in the coming days.
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Analyzing the 1-Day Timeframe
The first thing we can notice on the 1-day timeframe is that the price is still facing resistance around the $45,500 to $46,000 region. As long as Bitcoin is trading below this resistance, we are bearish on it in the short term.
We can also see that BTC has formed a double-top pattern on the 1-day timeframe and could drop further in the coming days.
However, we can also see that the BTC is forming consistent higher lows here which is a good sign for the price action. If we draw a line from the lowest low towards our horizontal resistance, we could also identify an ascending triangle.
If we do see this speculated pattern play out and break above the $45,500 region, then the next level resistance level we need to watch out for is around the $48,500 mark.
On the other hand, if the price forms a lower low in the coming days, the support level we will be watching for Bitcoin is around the previous local bottom at $35,000.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is struggling to break above the $45,500 region and has been trading below it for a while now. Even though the price is forming higher lows it seems like the resistance will keep pushing the price low in the coming days. We can also expect Bitcoin to consolidate within this structure over the weekend and make a move on Monday. Right now, we would not be placing any trades on BTC.
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