What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $21,400 mark and is looking quite bullish on the lower timeframes. As speculated in our previous price analysis, BTC did bounce from the support at $20,700 and met our target of $21,400. There has been a lot of fear in the market lately, but it seems like BTC might be headed towards a relief rally on the lower timeframes. However, we are also entering the weekend, and this momentum could shift quite quickly. Let’s take a look at the latest Bitcoin charts to see how the price could behave in the coming hours.
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Analyzing the Charts
If we take a look at the latest 4-hour charts for Bitcoin, we can see that the price is currently facing a trendline resistance.
Once the price gets above this trendline, we can expect Bitcoin to make a big move towards the upside. We can also notice that the price is forming an inverse head & shoulders pattern, which is a bullish sign. The pattern might not be perfectly formed, but it could still play out.
The current horizontal level we are watching for BTC is the $21,400 mark. If the above-mentioned scenario does play out, the first target we will be eyeing is the $23,000 mark.
Conclusion: Final Verdict on Bitcoin (BTC)?
There are some bullish signs for Bitcoin on the lower timeframes, but the price still does not have enough momentum to rise. We are entering the weekend, which means the trading volume will drop and breaking above the resistance will also become harder. Right now, we will not be placing any short-term trades on BTC and will wait for the relief rally. In the mid-term, we are still expecting Bitcoin to drop further.
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