What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above $57,100 and has found short-term support around this region. As mentioned in our previous analysis, BTC is currently forming a falling wedge that will play out for the coming week. Things are still looking bullish for Bitcoin in the long term, but we could still expect to drop a little further in the next day or so. Let’s look at the smaller timeframes to see what levels we are watching in the short term.
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Analyzing the Shorter Timeframes
If we look at the 30-minutes charts we can see that currently, we are having a price pump for Bitcoin. We can see a huge green candle right now and can also expect it to retest the resistance at $60,000.
The $60,000 mark is a crucial level that has acted as both support and resistance in the past. If Bitcoin manages to flip this resistance into support in the coming days, we can see another big breakout.
On the other hand, if we face rejection again then the support level, we would be watching is the current one at $57,100.
If we come to retest this support once again it is likely that we will break below it. In that case, the next level Bitcoin will need to hold is around $53,800.
Bitcoin might still not have bottomed, and we would avoid placing any trades in the short term.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is still looking bullish in the long term, but we still might not have bottomed on the shorter timeframes. We would not be placing any trade on BTC unless it breaks above $60,000 convincingly in the next few days. Once we get above this level, we would be extremely bullish on Bitcoin in the short term as well.
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