What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $23,000 mark and is looking quite bullish in the immediate short term. The price did bounce strongly from the $20,600 region yesterday and is now heading towards the $23,800 mark for a retest. With the hike in interest rates and the US economy moving towards recession, things are not looking great for the market overall. However, we can see this temporary pump for BTC, which will likely turn out to be a fake-out. Let’s take a look at the latest BTC charts to see how the price will react in the coming hours.
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Analyzing the Charts
The support we are currently watching for Bitcoin on the lower timeframe is the $22,100 mark. It has acted as support in the past, and we can expect the same in the coming hours.
We can also notice that the price is forming a bullish pennant on the 1-hour timeframe and could break out in the coming hours.
A bullish pennant usually indicates that the price is in an uptrend and could break out soon to continue the trend.
If BTC does play out this structure in the coming hours, the breakout target we will be watching for it will be around the $25,000 region.
However, there is still fear in the market, and we can expect Bitcoin to lose this momentum soon. Right now, we would not be counting on this structure and will wait for the price to find some solid support or rejection before making a move.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading around the $23,000 mark and is looking quite bullish at the moment. The price surprisingly went up after FOMC announced a hike in interest yesterday. Right now, the market is in a critical situation, and with the American economy slipping into recession, we will likely see BTC drop further. Right now, we will not be placing any short-term trades and will be waiting for the price to make a significant move.
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