What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around its previous all-time high and is looking extremely bullish at the moment. The price has been going sideways for the past several hours and once we start closing hourly candles above $64,500 we are likely to put a new all-time high for BTC. While Bitcoin keeps moving steadily on the smaller timeframes, we will take a look at what the bigger picture is telling us.
Analyzing the Charts
If we take a look at the weekly charts for Bitcoin, we can observe that we are in a strong uptrend this month. We are trading above a crucial resistance level and the price has been climbing rapidly. If we close a weekly candle above this level, it will turn into strong support.
We can also see that we are forming the three-white soldier pattern which is an indication of downtrend reversal. All of it is suggesting that Bitcoin will be setting a new all-time high in the coming weeks. However, a correction is always on the cards and it is also healthy for the price.
Similarly, if we take a look at the 1-Day charts, we can observe that Bitcoin is trading above crucial resistance levels.
We are clearly trading above the old horizontal resistance at $59,500 and we have also broken above the trendline resistance that was keeping the price low.
All these indicators suggest, that Bitcoin is in a strong bullish uptrend and we could be seeing a massive leg up in the coming month.
Conclusion: What is Next for Bitcoin?.
Bitcoin is looking extremely bullish at the moment and is headed towards a new all-time high. As soon as BTC starts closing multiple 1-hour candles above its previous all-time high we will be interested in longing the asset. We would also be looking for a correction to be on the safer side and will be accumulating more Bitcoin if we fall to the $60,000 level.
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