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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the support at $61,600 as it broke below the symmetrical triangle we discussed in our previous analysis. We are seeing the price drop slowly for the past few hours but we are still trading above a crucial support level and are likely to hold it. However, if we lose this level in the next few hours we can expect BTC to retest $60,000 once again.
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Analyzing the Charts
Bitcoin might be looking a bit bearish on the shorter timeframes but a major correction from here is unlikely. If we take a look at the 4-hour charts we can observe that Bitcoin is looking quite bullish and is currently gearing up for another leg up.
We can see that we broke out of this bullish falling wedge and successfully retested it. The breakout target for this structure was around the previous all-time high and it has not been met yet.
We can also see that the price is making consistent higher lows which means we are in an uptrend. As long as we are holding above this trendline support we are extremely bullish on Bitcoin.
On the other hand, we have another perspective where we can see an inverse head and shoulders for Bitcoin on the 4-hour charts.
If this structure plays out we can expect Bitcoin to put a new all-time high in the coming days. We can also expect a retest of $60,000 in the coming hours.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin has been on a steady rise for the past several weeks and we have seen it create a new all-time high with a strong uptrend. The journey for BTC is far from over right now and we are expecting it to achieve even higher levels in the coming weeks. If we see Bitcoin breaking out of this head and shoulder pattern we will be interested in longing it.
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