What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $56,000 mark and has been going sideways for quite a while now. The support level we are watching for Bitcoin right now is the $55,700 mark and we must hold it to stay bullish in the immediate short term. As mentioned in our previous analyses Bitcoin is facing some serious resistance below the $60,000 mark and buyers are struggling to push the price above it. Let’s take a look at the shorter timeframes to see what we can expect from Bitcoin in the coming hours.
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Analyzing the 15-minutes Timeframe
If we take a look at the 15-minutes timeframe we can see that Bitcoin retested the $55,700 mark and is now coming back to retest it again.
We can also see that the price is forming lower highs and is clearly moving with a descending channel.
A descending channel is usually a bullish pattern where the price moves in a downtrend but experiences a spike after breaking out of it. These patterns usually do not play out well on the shorter timeframes but if we do bounce back from $55,700 once again, we can expect a breakout of this channel.
On the other hand, it could also fail to hold $55,700 and we can expect it to retest $53,700 once again which was our recent bottom.
The $53,700 level is likely to hold as it has acted as strong support previously as well. We could also see a breakout for the channel from this level.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin has been going sideways on the shorter timeframes for a while now. It is facing major resistance around the $60,000 region and buyers are struggling to push the price above it. However, we are still bullish on Bitcoin in the long term as it is looking good on the bigger timeframes. Right now we would not be placing any short-term trades on BTC and will let the price play out.
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