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Bitcoin (BTC) Price Analysis – Analyzing the Shorter Timeframes



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Bitcoin (BTC) Price Analysis Overview

Bitcoin has been slowly moving towards the downside for the past couple of weeks. It has recently bounced back from the support at $31,000 but is still showing bearish signs.

In our previous Bitcoin price analysis, we took a look at the 1-day charts and discussed the important levels BTC needs to hold on the daily timeframe. Now, we will take a look at the shorter timeframes and see where the price is headed in the near future.

Bitcoin (BTC) Price Analysis 2021-July-19

As we can see on this hourly chart, the price of BTC is moving sideways and is bouncing back between the $32,000 and $31,000 region. We will need Bitcoin to break the resistance level of $32,000 in order to show some bullish momentum.

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Taking a Look at the 1-hr Charts

We can observe that Bitcoin is currently breaking out of a symmetrical triangle it was forming on the hourly timeframe.

Bitcoin (BTC) Price Analysis 2021-July-19

The price is just breaking out of this pattern, and we could see a couple of more green candles in the next 2 to 3 hours. The target we must break here is also the resistance at $32,000, as it will give us some decent bullish momentum.

Bitcoin (BTC) Price Analysis 2021-July-19

Once we break above this level, our next target will be the very important support zone at $32,700, which we must reclaim for a bullish reversal.

Taking a Look at the 4-hr Charts

On the 4-hr charts, we have another bullish structure as the price is moving within a downwards channel.

Bitcoin has been respecting this channel consistently for the past several days. A breakout of this channel could also mean a huge rally for BTC.

Bitcoin (BTC) Price Analysis 2021-July-19

As we can see, Bitcoin has been respecting this downward channel and is bouncing back from the support at $31,000.

Once we break above this structure, our next target would be the $36,000 region that has held quite strongly in the past.

Bitcoin (BTC) Price Analysis 2021-July-19

Moving above this region will mean that we are once again bullish, and Bitcoin’s downtrend is over.

Conclusion: Where is Bitcoin Headed?

Bitcoin has been moving towards the downside gradually. It is currently bouncing back from important support at the $31,000 region and must reject it again for us to move upwards.

The shorter-time frames are looking bullish at the moment and we can expect a price spike in the near future. However, Bitcoin will need the volumes to flow in order to maintain that bullish momentum.

BTC Price Analysis 2021-July-19

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