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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently just below $58,000 and is gearing up to retest the $60,000 mark once again. As mentioned in our previous analysis BTC is forming an inverse head & shoulders on the 4-hour timeframe and is looking quite bullish at the moment. The $60,000 region is the major area Bitcoin needs to break above in the coming days. Once BTC manages to flip $60,000 as support, we can expect another big rally in December.
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Analyzing the Shorter Timeframes
Bitcoin is currently trading around $58,000 and is breaking out on the shorter timeframes. We can see that the price was forming this descending wedge on the 30-minutes timeframe and broke out of it a few hours ago.
The breakout target for this falling wedge is around $59,400, an area that has acted as resistance on the shorter timeframes before. Once Bitcoin manages to break this resistance it will most likely break the $60,000 level as well.
In the short term, BTC must also hold the $57,700 region to continue this breakout. This area was acting as resistance in the past few days and BTC must flip it into support now.
The bottom support we will be watching for Bitcoin right now is still the $55,700 mark.
Currently, we would not be placing any trades on Bitcoin and will wait for it to get above the $60,000 mark. The price is still moving within the range between $55,700 and $60,000 on bigger timeframes. Breaking out of this range will trigger a big move for BTC.
Conclusion: Is Bitcoin (BTC) Bullish?
As we step into the month of December Bitcoin is looking quite bullish on the majority of the timeframes. Mass adoption for crypto is still underway and Bitcoin is attracting more attention with every passing week. There will be ups and downs in the coming days but we are expecting BTC to get to the $70,000 mark before the end of the year.
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