What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading above the support at $55,700 and has been going sideways for the past several hours. As mentioned in one of our previous analyses, BTC has found nice support around the $55,700 region. If the price continues to bounce off this region, we can expect a nice upside move for Bitcoin soon. Let’s take a look at what we can expect from Bitcoin in the coming hours.
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Analyzing the Charts
If we take a look at the shorter timeframes, we can see that Bitcoin is moving within the consolidation range between $60,000 and $55,700 for several days now. The $60,000 is a crucial level that BTC needs to flip in order to gain strong bullish momentum.
The next level we would be watching for Bitcoin is the support zone around $53,700. It is a level that has acted as strong resistance in the past and we are likely to hold it as support in the event of a sell-off.
We can also see that the price is forming lower highs on the 1-hour timeframe and is an obvious downtrend. That means we can expect to lose the support at $55,700 in the coming hours if the trend continues.
On the other hand, if we break above this trendline resistance in the coming hours we can expect to retest the $60,000 mark once again. However, it is likely that we will go towards the downside in the immediate short term.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is still looking bullish in the long term, and we are still expecting it to put a new all-time high by the end of the year. Right now, BTC is still in the correction phase, and it could fall further before bouncing back towards the upside. We would not be placing any trades on Bitcoin in the short term and will see how it behaves in the next few hours.
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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