Bitcoin (BTC) Price Analysis: Bullishness Continues as the Price Breaks out of Symmetrical Triangle

7:51 am, Wed, 20 July 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $23,600 mark and is looking quite bullish in the short term. As mentioned in our previous analysis, the price was trading within a symmetrical triangle and broke out of it successfully. Right now, the resistance we are watching for BTC is around the $23,700 mark. It seems likely that the bullishness will continue, and the price will keep moving in an uptrend on the lower timeframes. Let’s take a quick look at the latest BTC charts to see where the price is headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the 1-hour charts for Bitcoin, we can see that the price broke out of the symmetrical triangle successfully and met our target around the $23,600 mark.

The price met the target, and we can now expect some sideways movement for Bitcoin in the coming hours.

If BTC manages to close multiple 4-hour candles above $23,000 in the coming hours, we can expect some big moves for Bitcoin. In that scenario, the next target we will be eyeing for BTC would be around the $26,800 mark.

It is the area that acted as the last support before the price experienced a massive drop in June earlier.

On the other hand, if the price faces rejection here and does not hold the support at $21,700 in the coming hours or days, then things will get bearish once again. The main level we will be watching in that scenario is the $20,500 mark.

Conclusion: The Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading around the $23,600 mark and is looking quite bullish in the short term. The price continues to climb, and we can expect further upside movement for BTC in the coming days. Right now, we are bullish on BTC and will not be placing any trades in the immediate short term. A daily close above $23,000 will also be a good sign for Bitcoin.

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