What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $64,500 mark and has been going sideways since we posted our morning price analysis. Right now, BTC is holding the support at $63,800 nicely and as long as we are trading above this level, we are bullish in the short term. The resistance Bitcoin needs to break above in the short term is the $66,300 mark. Once we get above that level, we can see another price surge.
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Analyzing the Daily Timeframe
If we take a look at the daily timeframe, we can see that Bitcoin is still in an uptrend. The price has been going up for the past several weeks and we have not seen any major setbacks for BTC lately.
We can see that the price broke out of this symmetrical triangle and now Bitcoin is taking a breather by retesting the $63,300 level. It was the level that was keeping the price down before the breakout.
As long as we do not close a candle below $63,300, we can expect Bitcoin to have another pump towards the $70,000 mark. It is the target we have been eyeing for the past week and it is highly likely we will see it in the coming day.
We can also see that Bitcoin had two red candles on the daily timeframe and we would be looking for a third red candle that does not go below $63,300. It will form a bullish rising three pattern and we can expect a price pump in the next 24 hours or so.
However, this pattern will be confirmed only if we close a red candle that does not go below $63,300.
On the other hand, if we close a candle below our support level, we can expect further correction and the next level we will be eyeing is the $60,000 mark.
Conclusion: What is Next for Bitcoin (BTC)?
BTC is still looking extremely bullish in the long term and we are still expecting it to hit the $70,000 mark in the coming days. Bitcoin has been moving in one direction for a while now and a correction here and there is healthy for the price moment. The more corrections we have the more steadily Bitcoin will move towards the upside. We would not be hesitant to accumulate more BTC for the long term.
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