What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $57,000 mark and is still looking bullish in the immediate short term. The price has been bouncing back and forth between the support at $56,600 and the resistance at $57,800 and has now started to squeeze towards the middle. It is likely that Bitcoin will make a move towards either side in the next few hours.
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Analyzing the Charts
If we take a look at the charts, we can observe that Bitcoin is holding quite nicely at the moment. We can also see that the price action is forming a symmetrical triangle on the smaller timeframes and the price could break out of it at any time.
A symmetrical triangle is a neutral pattern and can send the price in any direction. Bitcoin is showing some nice bullish momentum so it is likely we will make another move towards the upside.
If we do manage to break above this structure we can expect the price to pump towards the $58,600 – $58,800 region.
On the other hand, if we fail to break above this structure and make a move towards the downside, we would be looking at the $55,500 mark.
Bitcoin has been sustaining good bullish momentum for the past few days so our bias is towards the upside.
Conclusion: What is Bitcoin (BTC) Bullish In the Short Term?
Even though Bitcoin is still looking bullish at the moment we would not be trading it until it breaks the above-mentioned structure. Once Bitcoin breaks above the symmetrical triangle mentioned above only then we will be interested in longing BTC. The momentum is on Bitcoin’s side but a correction is always on the cards.
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If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.
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