What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $57,000 mark and is looking quite bullish in the immediate short term. We did see BTC spike to $59,000 yesterday but that triggered a mini sell-off and the price dropped back to $56,500. However, Bitcoin is currently gaining some nice bullish momentum and is looking bullish on the majority of the timeframes. Let’s take a look at the bullish structures we have for Bitcoin on multiple timeframes.
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Analyzing the Charts
If we take a look at the 1-hour charts for Bitcoin, we can observe that it is forming an inverse head & shoulders which is a bullish pattern.
If this structure plays out we are likely to get above the major resistance at $60,000. The breakout target for this structure is around $61,000 but we could also face rejection around $60,000.
Similarly, if we take a look at the 4-hour charts, we can identify another inverse head and shoulders that is still in play.
The breakout target for this structure is around $63,500 and we can expect a nice rally for Bitcoin if this pattern plays out. BTC has been consolidating below $60,000 for a while now and we can expect another leg up once the price overcomes this resistance.
Also, if we switch to the 1-Day timeframe we can see that Bitcoin is moving within a falling wedge and could break out of it at any moment.
Once BTC breaks above this falling wedge the buying pressure will increase dramatically and the bull run will continue.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is looking quite bullish at the moment, and we can expect a price surge soon. We have bullish structures for BTC on multiple timeframes and the price could pump at any time. However, we will also be watching the support at $55,700 as we could also come back to retest it on the smaller timeframes. Apart from that, we would be quite interested in accumulating more Bitcoin at this stage.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
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