In our previous Bitcoin (BTC) Price Analysis – Bullish Momentum Continues on Shorter Time frames, we discussed the horizontal levels we need to respect on the 4-hour charts. Bitcoin has again broken below our key horizontal level of $33,900 and is looking bearish again.
The next level we need to watch from here is the $32,700 region which has previously acted as our support.
Now let’s take a look at the hourly and daily time frame to get a complete picture of what is happening.
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Taking a Look at The Hourly Time Frame
On the one-hour timeframe, Bitcoin is falling at the moment and is looking quite bearish. We can see that it was forming a rising channel and has just broken below it.
A rising channel is usually a bearish indicator, and we can expect the price to fall even lower from here.
However, Bitcoin is looking highly volatile on shorter time frames at the moment and can go either way.
For the short-term, we will first have to see where Bitcoin finds support on the hourly time frame and trade accordingly.
Getting a Bigger Picture With Daily Time Frame
On the daily charts, the price of Bitcoin is being squeezed as it is forming a symmetrical triangle.
The symmetrical triangle is showing indecisiveness and can push the price in any direction. Our falling channel on the 4-hour chart will also help us determine how this triangle will break.
As of now, we can only discuss the two possibilities:
- We will either see a break towards the upside and finally smash the strong resistance around the $36,000 region.
- We will once again fall to the support zone between the $29,000 and $31,000 region.
Both scenarios are in play right now, and we will have to observe the shorter time frames to find out where BTC’s price is headed.
Conclusion: Where is Bitcoin Headed?
As of now, Bitcoin is showing volatility and is looking quite bearish on the charts. We will have to wait and see how the price moves in the next few hours. A real price boost is required on the hourly time frame to turn the price bullish again.
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