What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,000 mark and has been going sideways for quite a while now. As mentioned in our previous analysis, the trading volume is quite low and there isn’t any significant pressure that can drive the price higher or lower. Right now, the resistance level we are watching for BTC is around the $30,800 mark. As long as the price is trading below this level, we can expect Bitcoin to continue the sideways movement. Let’s take a quick look at the latest BTC charts to see where the price is headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin we can see that the price has been facing resistance at $30,800 for over a week now. However, whenever the price faces rejection at this level it also bounces from the support at $28,600.
We can expect the trading volume to increase when the price breaks out of this consolidation zone.
Also, if we switch to the 4-hour timeframe, we can see that the price is forming a symmetrical triangle.
A symmetrical triangle is a neutral pattern that can break out in either direction. If we see the price break towards the upside, the first resistance we will be watching is around the $32,000 mark. If that happens, we will be expecting BTC to touch higher levels at around $34,800.
On the other hand, if the price breaks below this consolidation zone, the next level we will be watching as support is around the $27,600 mark.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has not made a significant move in the past couple of weeks and is trading between the $30,800 and $28,600 levels. It is likely that we will see this change in the next couple of days as the price is now being squeezed. Once Bitcoin moves out of this structure and starts closing 4-hour candles above or below it we will be interested in placing a short-term trade on BTC. The targets we would be eyeing are the ones mentioned in the above analysis.
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