In our last Bitcoin price analysis, we discussed the price movement on the hourly time frame and what was required for the momentum to turn bullish.
Right now, with BTC breaking above the mid-triangle support at $34,500, the price has again turned bullish, and we are once again eyeing to break the resistance zone above the $36,000 mark.
Key Level to Watch
Once we break out of the symmetrical triangle, the critical zone we need to watch is the one between the $36,000 and $36,500 regions.
Bitcoin has touched this level several times in the past few weeks. If we manage to break above $36,500, we might see a quick push towards the $39,000 region.
If we do manage to break above this region, it would be our first step towards resuming the bull-run.
What’s Happening on the Daily Chart?
On the daily time frame, we are consistently creating new lower-highs, which is an excellent sign for BTC. However, it cannot exactly be called a bullish pattern because we need to create more higher-lows and break above our resistance zones for good.
The key area we need to watch on the daily time frame is the one between the $32,600 and $34,300 region.
If the price drops below the $32,500 region, we will likely see a move towards the $31,000 region. A close below our key zone could mean a further drop, and the price could plummet to the $26,500 region.
On the other hand, we could also see a move towards the upside and a break of the resistance at the $36,000 mark. A close above this region could be a bullish confirmation, and we can rally towards our next target of $40,000.
Conclusion: Is Bitcoin Bullish Right Now?
The price of Bitcoin is being squeezed nicely on the shorter time frames, which is a clear bullish indicator. Also, we are consistently creating lower highs on the daily chart, which is another bullish sign.
As of right now, Bitcoin is bullish in both the short-term and the long-term.
However, the trading volume is still low, and a pull-back towards the downside is also likely.