What is Bitcoin (BTC) Doing Right Now?
As we predicted in our last price analysis, Bitcoin is heading towards the $30,000 region and is looking bearish. It is currently trading just below the $32,000 mark and is still pushing downward.
Bitcoin has also formed several candles under the $32,500 region on the 4-hr charts. This means that our support has now become the new resistance and our next target could be $30,000.
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Are We at The Bottom Already?
If we take a look at the 4-hr chart, we can see that Bitcoin is forming the falling wedge pattern. This is a bullish indication, and we might see a little drop within the pattern before we break towards the upside.
We can expect the price to start squeezing within this pattern, and once it reaches the neck, a break towards the upside is highly likely.
We have also closed a few candles above the resistance of this structure. However, that does not invalidate our structure because we have enough touchpoints.
This structure also shows that we might find support in the $31,000 region.
On the other hand, we could also see this structure breaking below because the trading volume is still low. In such a scenario, we will drop to $30,000 or even lower.
We can also see that on the daily time frame, our falling channel is still intact. The more we move within this structure, the more bullish momentum we gain.
Once we break out of this structure, we would likely be retesting the resistance at the $35,000 region.
However, just like the above structure, this one could also move towards the downside if the volume does not flow.
Conclusion: Is Bitcoin (BTC) Going to Breakout?
As we can see on the charts, the price of Bitcoin has been falling consistently for the past two days. We are already approaching the $30,000 region and might retest before moving upwards again.
However, this could also be the bottom for BTC, and we could witness a breakout from here. Bitcoin is already oversold, and we might even consider buying in this range.
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