What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $62,500 mark and has been going sideways for the past several hours. The two important levels we are watching for Bitcoin right now are the $61,600 mark and the $64,200 mark. Bitcoin has been going back and forth between these levels for the past 24 hours or so and has not made any big moves. However, we can also see some long wick towards the downside which suggests that the buying pressure is still there.
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Analyzing the Shorter Timeframes
If we take a look at the shorter timeframes we can see lower highs for Bitcoin and a temporary downtrend. On the 15-minutes chart, we can find some structure as the price is currently forming a symmetrical triangle there.
A symmetrical triangle is a neutral pattern that can break in either direction. If BTC manages to break towards upside in the coming hours we can expect to retest resistance at $64,200 and possibly break above it.
On the other hand, if we fail to break above this we can expect more correction and can fall below the $61,600 level.
However, the second scenario seems unlikely as Bitcoin is in an uptrend on bigger timeframes and we can expect the price to climb in the coming hours. We will wait for the structure to break out before making any big moves.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has been on a steady rise for the past several weeks and we have seen it create a new all-time high with a strong uptrend. The journey for BTC is far from over right now and we are expecting it to achieve even higher levels in the coming weeks. Right now, on shorter timeframes, we are still bullish on Bitcoin and would be interested in opening a long trade once it gets above $64,200.
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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