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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $40,000 mark and has not made any significant moves since our recent price analysis. We are holding our support around the $39,400 region nicely, but the price could still go either way.
As discussed in our previous analysis, both scenarios are still likely for Bitcoin. We need to break above $40,500 or below $39,400 to show bullish or bearish indications, respectively.
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The Bigger Picture for Bitcoin (BTC)
If we take a step back and analyze the monthly and weekly timeframe, we can see that Bitcoin is looking bullish in the long term.
On the monthly time frame, we can see that Bitcoin has closed its first bullish candle in the last four months. It is also forming a bullish engulfing pattern as our green candle is bigger than the previous red candle.
Moving on to the weekly timeframe, we can see that Bitcoin has broken above a key resistance level and is now trying to convert it into support.
The key region of $39,000 is holding well and has turned into our new support. However, a complete retest of this level is more likely to fail, and we can drop below it once again.
On the daily timeframe, we can see the same zone getting retested after a very impressive breakout.
However, we are also respecting this trendline on the daily timeframe and must get above it for a breakout. If we fail to do so, we will be heading towards the $36,000 region once again.
Conclusion: Where is Bitcoin Headed?
Bitcoin might be facing some small hurdles on the bigger timeframes, but it is still quite bullish. We just need to break above the $42,500 support, and we will start gaining momentum once again. However, right now, BTC is in indecisive territory, and we will wait for the price to play out before making any trade.
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