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What is Bitcoin (BTC) Doing Right Now?
In our previous Bitcoin price analysis, we had a look at the daily charts to get a bigger picture of where the price was headed. Bitcoin is bouncing back from the $31,135 and is showing some momentum towards the upside once again.
We will now look at the 30-minutes timeframe to identify our short-term targets for a bullish reversal.
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Short-term Targets for Bitcoin
On the 30-minutes timeframe, Bitcoin is trying to break towards the upside. It is currently facing some resistance around the $32,000 level and must get above it to gain some bullish momentum.
Right now, we can see that Bitcoin is struggling to break this resistance. We can also look at the previous data on the charts to see how the price could spike after breaking this resistance.
Once we get above this region and retest it successfully, we will be heading towards the $32,700 mark. If we manage to claim that support, things will start looking bullish once again.
However, if we fail to break above this region, we might be heading even lower than $31,000. Rejection around the $32,000 area means we might be heading towards the $28,900 target we discussed in our previous analysis.
Bitcoin is looking quite bearish for the past few days, and the second scenario is more likely to play out.
If BTC shows rejection at the $32,000 region, we would not be entering any new trades. We will remain patient and observe how the price reacts.
Conclusion: Is Bitcoin Looking Bearish?
Bitcoin is still looking bearish on the shorter timeframes. If we manage to break above the resistance level at $32,000, we might witness a price reversal. However, it seems unlikely because the trading volumes are consistently falling.
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