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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $40,000 level and is moving sideways for the past few days. The price is currently bouncing within an important resistance zone between $39,500 and $40,600. BTC is consistently trying to break above this region and has already tested the top several times.
It is only a matter of time for BTC to break above this region and move towards higher targets.
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Analyzing the Shorter Timeframes
On the shorter timeframes, the price of Bitcoin seems to be squeezing and could breakout anytime soon. We can also observe that BTC is forming a symmetrical triangle on the 1-hour timeframe, and the price could go either way.
BTC is respecting the important level of $39,500, which is a bullish sign. It also suggests that this symmetrical triangle is more likely to break above the upside.
If we break above this triangle, our next immediate target to challenge will be the $42,300 region. It has previously acted as our support and could become a major resistance level.
On the other hand, if we break below the symmetrical triangle, our next target to watch will be $36,400. This region is our strong support, and bulls will try to keep the price above it.
Conclusion: Is Bitcoin Still Bullish?
Bitcoin is still trading around the $40,000 region and is looking quite steady. The price is holding well at the moment, and we are looking to get above our resistance of $40,600. Once we get above this region, we could see a breakout towards the $42,300 region. We will also be interested in putting a long trade on Bitcoin if it gets above $40,600.
Leverage Trading for Bitcoin
If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to understand the concept. You can also check our list of top bitcoin exchanges for trading and choose your ideal option.
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