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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently breaking out and is trading just below the $66,000 mark. BTC has been consolidating for a while now and has not moved much in the past week. The price was bouncing back and forth between the $60,000 and $64,000 level and was struggling to break above. Right now Bitcoin is looking extremely bullish and we are likely to test its previous all-time high soon. The resistance level we are currently looking at is the $66,800 mark.
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Analyzing the Charts
If we take a look at the charts we can observe that Bitcoin has finally broken above the resistance it was facing around the $64,000 region. We mentioned in our previous analyses that this level is crucial for BTC and once we break above it we would be retesting the previous all-time high.
We can now expect Bitcoin to flip the $64,000 level into support. To confirm that we will wait for BTC to retest this level and bounce back. We would also be interested in putting a short-term long trade on Bitcoin in that scenario.
We can also see that Bitcoin is breaking out of the head and shoulders pattern we pointed out on the 4-hour chart.
If the targets for this head and shoulders pattern are to be met we would be looking at a $70,000 Bitcoin soon.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently trading around the $66,000 mark and is looking extremely bullish in both the short term and long term. We kept talking about the bullish indicators on 4-hour charts the past few days and now we are finally seeing a breakout for BTC. Right now we are looking at the previous all-time high level for Bitcoin and are expecting to break above it coming days. Once we break above the $66,800 mark we can expect to see another big breakout for BTC towards $70,000.
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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