Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just below the $44,000 mark and is struggling to break above it. As mentioned in our previous analyses, the $44,000 region is a crucial level, and BTC must flip it to turn bullish again.
If we manage to break above the $44,000 level convincingly, we might witness some serious breakouts in the coming days.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on ByBit. Use this link to sign up and earn a free bonus on your initial deposit.
Analyzing the Charts
If we take a look at the 4-hour charts, we can observe that Bitcoin has faced rejection at $44,000 several times in the past week. It is a region that has acted as strong support in the past, which is why there is a serious sell-pressure above $44,000.
On the other hand, we are also touching the resistance trend line we mentioned in our previous analysis. The price is being held down by multiple resistances, and a rejection here could trigger another sell-off.
The trend line is also forming a descending triangle, which is a bearish pattern. This structure is still in play which is why it is vital for BTC to hold the support at $40,600.
However, we are also forming an ascending triangle on the shorter timeframes and could also expect a breakout in the next few hours.
If we manage to break out of this structure, we could see a nice spike in price in the immediate short term.
Conclusion: Is Bitcoin (BTC) Looking Bullish?
Bitcoin is currently forming a bullish pattern on the shorter timeframe, but we would not trade it just yet. We will wait for the price to break above the $44,000 level convincingly, and only then will we take any long trades. The September close we had is also bullish, so we can expect to gain more momentum 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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.
[primexbt]
