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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.
Margin Trading for Beginners
If you are interested in leverage trading Bitcoin, you can go through our Margin Trading Guide to learn more about it. You can also check our list of top crypto exchanges to choose the platform that best suits your needs.
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