What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $30,500 mark and has started to look a little bullish on the lower timeframes. As mentioned in our previous analysis, the price has reclaimed the important support region around $30,000 once again which is healthy for the price action. The $30,000 region has acted as strong support in the past which is why buyers have started to step in once again. Let’s take a quick look at the latest charts to see where the price will be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the 1-hour charts the first thing we can notice is an inverse head & shoulders pattern. We also mentioned this in our previous analysis as it is one of the scenarios likely to play out in the coming hours.
An inverse head & shoulder is a bullish continuation pattern that usually indicates that the correction is done on that timeframe. If this scenario plays out, our next target for Bitcoin would be around $32,600.
On the other hand, we can see another structure forming on the 1-hour timeframe that could also play out in the coming hours. The price is forming a rising wedge pattern and is approaching the neck of the structure.
A rising wedge is usually a bearish continuation pattern which means that the bulls cannot sustain the price any longer.
If this scenario plays out BTC will likely break below the $30,000 region and will visit the $27,000 mark once again.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trying to gain more bullish momentum on the lower timeframes but is struggling to do so. Right now, the support at $30,000 is holding nicely which is a good sign. Bulls are trying to push for a relief rally and if Bitcoin can manage to stay above $30K over the weekend we could see a rally towards the $35,000 region. Right now we would not be placing any short-term trade on BTC and will only monitor the price closely.
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