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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $59,000 mark and is looking a little bearish in the immediate short term. As mentioned in our previous analysis, the important level we were watching for Bitcoin was the $60,000 mark and we have no broken below it. Right now BTC is in the critical territory and if it does not bounce above $60,000 we could expect a further correction.
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Analyzing the Charts
Right now the level we will be watching for Bitcoin in the immediate short term is the $60,000 mark. If BTC closes a couple of hourly candles below this mark we would see another sell-off towards the downside.
We can also see that Bitcoin is forming the head & shoulders pattern on the 1-hour and 4-hour timeframe and we could see another sell-off in the coming hours.
The head & shoulders pattern is a bearish pattern that indicates a correction is around the corner. If this pattern does play out we can expect Bitcoin to drop as low as $54,000.
Bitcoin has been going up steadily for the past few weeks and have not had any proper corrections throughout this period. If we did see this scenario play out it would still be considered as a healthy correction for Bitcoin and we would not panic just yet.
Conclusion: Where is Bitcoin (BTC) Headed?
Bitcoin is currently looking bearish in the short term but we are still optimistic about it in the long run. Right now we would be interested in shorting Bitcoin if it faces rejection at the $60,000 mark. We would also be eyeing the $54,000 mark as it is the lowest we can go for Bitcoin with this head & shoulders pattern.
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