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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $63,500 and is gaining some bullish momentum on the shorter timeframes. As discussed in our previous analysis the level we are watching for Bitcoin in the immediate short term is the support of $62,000. As long as we are trading above this level, we are likely to see another leg up.
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Analyzing the Shorter Timeframes
If we take a look at the 15-minute charts we can see that Bitcoin is currently facing some resistance around the $63,600 region.
We can see that the price is being kept low by this resistance for the past few hours and BTC is struggling to close above it. However, we can also observe that the price is being squeezed towards the upside as there are consistent higher-lows.
We can see a nice ascending triangle here and if BTC manages to close a couple of candles above it we can see a breakout. The breakout target for this pattern would be around $65,600 where the price can face some minor resistance.
On the other hand if the price break below the trendline, this pattern would no longer be valid and we can expect sideways movement.
Conclusion: Is Bitcoin (BTC) Bullish?
Bitcoin is looking extremely bullish on the larger timeframes and we are expecting it to touch the $70,000 mark soon. We did see some correction for BTC on the smaller timeframes but right now we are gaining some bullish momentum and if this ascending triangle breaks out we could see another price pump for Bitcoin. However, we would still be trading Bitcoin with extreme caution and a tight stop loss in the immediate short term.
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