What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $31,700 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the price is now trading above the previous resistance at $30,800, and more buyers are likely to step in this week. BTC had a major drop last month, and it is likely that we will see a relief rally for it in the coming hours. Right now, the resistance Bitcoin is facing is at around $32,200. Let’s take a look at the latest Bitcoin charts to see where the price could be heading in the coming hours and days.
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Analyzing the Charts
If we take a look at the latest charts for Bitcoin, we can see that the price is printing a bull flag on the 2-hour timeframe.
A bull flag is a bullish continuation pattern that indicates that the uptrend will continue. If the pattern does play out the breakout target for it would be around the $34,800 mark. It is also the major level we are targeting next for the relief rally.
On the other hand, if the pattern does not play out, we can expect Bitcoin to go sideways for a while. As long as the price stays above $30,800, we can expect Bitcoin to make another move towards the upside.
If the price does break below $30,800 and starts closing 4-hour candles below it, then we might not get a relief rally for Bitcoin in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
If we take a look at the Bitcoin charts, we can see that things are looking quite bullish on the lower timeframes. Even though the trading volume is low, things seem to be moving in the right direction. Once the buyers start stepping in, we will see the price go higher and will likely touch our target of $34,800.
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