What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $54,000 mark and is going through a consolidation phase on the smaller timeframes. The major resistance BTC needs to break right now is the $55,500 mark. Once we get above this level, the next target we will be aiming at is the $58,000 mark.
Bitcoin has been trading below the $55,000 mark for the past couple of days. It is likely it will make a move soon in the coming hours.
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Analyzing the Charts
On analyzing the 15-minutes chart, we can observe that the price is being squeezed towards the downside. We are consistently forming new lower-highs, and the price is slowly dropping.
However, we can also see that the pattern we are forming is a symmetrical triangle, not a descending triangle. A symmetrical triangle is a neutral pattern and can break in any direction. If we break out of this pattern towards the upside, our target would be around the $56,000 mark.
On the other hand, if we manage to break below this structure, the support we could drop to is at the $51,800 mark.
It is likely that we will break in the upwards direction as the momentum is on BTC’s side. However, we will let this structure play out before making any moves.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is still looking quite bullish on all-time frames, and we can expect further movement towards the upside. However, we will not be trading BTC right now and will wait to break out of the structure mentioned above. Even if BTC breaks towards the downside, it would just be a healthy correction, and we would still be looking at our target of $58,000 in the coming days.
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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