What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $68,000 mark and is looking extremely bullish in the immediate short term. The leading crypto asset has just put in a new all-time high and is currently in price discovery mode with no resistance left to conquer. As mentioned in our previous analysis, we were expecting this move from Bitcoin and are now aiming for that $70,000 mark.
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Analyzing the Charts
If we take a look at the 4-hour charts we can see that our bullish structure is finally heading towards its breakout target. The head & shoulders pattern was indicating a big move for Bitcoin and now we are in price discovery mode again.
We can see that the breakout target for the head & shoulders pattern was around the $70,000 mark and we are just about to touch it. Once we touch this mark we can also expect a minor correction on the shorter timeframes.
Also, as we are still in price discovery mode we will wait and see how the Bitcoin price reacts to the $70,000 mark and will trade accordingly.
We can also expect to retest the $66,500 mark once again before making another leg above $70,000. If this scenario does play out we would be interested in putting a long trade on Bitcoin.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is still looking quite bullish on both the short-term and long-term timeframes and we are still expecting targets above $90,000 by the end of the year. Right now Bitcoin is in price discovery mode and we will see it fly in the coming weeks as well. In the short term, we will let BTC touch the $70,000 mark and will see how it reacts to it. Once that level has been reached we will place our trades accordingly.
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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