What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the $30,000 mark and has finally gained some bullish momentum on the lower timeframes. There has been a lot of uncertainty and fear in the market lately which caused the prices to plummet dramatically this week. Terra Luna along with their stable coin (UST) faced a massive crisis as the peg between both did not hold as well as anticipated. However, the market seems to be recovering from the LUNA crash at the moment and it would be interesting to see how far this relief rally will go. Let’s take a quick look at the BTC charts to see where the price could be headed in the immediate short-term.
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Analyzing the Charts
If we take a look at the latest BTC charts, we can see that there is a possible inverse head & shoulders pattern that has already formed on the 1-hour timeframe.
If this pattern plays out the relief rally will continue. The next level we will be eyeing in that scenario is the $32,600 mark.
It would be interesting to see how things play out as the market has been extremely volatile lately. We are also approaching the weekend and the trading volume will drop over the next couple of days.
If the price does not break above $32,600, it is likely we will see BTC $27,000 mark again soon.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is finally gaining bullish momentum on the lower timeframes, and it could be the start of a relief rally that might touch the $35,000 region. BTC must close the day above $30,000 and maintain the level over the weekend to stay bullish on the lower timeframes. Right now, we would not be placing any short-term trades on Bitcoin and will wait for the price to stabilize over the weekend.
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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