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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $68,000 mark and is still looking bullish in the immediate short term. Today we witnessed Bitcoin putting a new all-time high at the $68,500 mark and we can see that it is still on price discovery mode on the Biggers timeframes. In our previous analysis, we talked about reaching the $70,000 mark and now we will take a look at the shorter timeframes to see if we are ready for it or not.
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Analyzing the Shorter Timeframes
If we take a look at the shorter timeframes, we can see that BTC is looking quite bullish in the immediate short termI. On the 15-minutes charts, we can find some structure for Bitcoin as the price is printing a nice bull pennant.
A bull pennant is a bullish continuation pattern that suggests that the price will continue to go up in the near future. If we manage to break out of this structure in the coming hours, we can expect a pump towards the $71,000 mark.
However, we can also face resistance around the $69,500 to $70,000 region and could face rejection as well.
On the other hand, if we fall out of this structure, we would be watching the support at the $66,500 mark and will be interested in a long position if we bounce off nicely. The $66,500 level was acting as resistance previously and we are likely to flip into support now.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking quite bullish on shorter timeframes, and we can expect another leg up soon. We are also very bullish on Bitcoin in the long term as the institutional money is still flowing in nicely. Right now, we will be interested in making a short-term long trade on Bitcoin if it breaks out of the above structure. We must also keep in mind that Bitcoin has been quite bullish for more than a month now and a correction is always around the corner.
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