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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $38,800 mark and has been moving within the same consolidation zone for the past few days. As mentioned in our previous analysis, the price is struggling to break above the resistance at $39,300 as there is significant selling pressure above this level. The support we are currently watching for BTC on the lower timeframes is the $38,300 zone which has been holding the price up for the past few days. Let’s take a look at the latest 1-day charts for Bitcoin to see what is coming in the near future.
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Analyzing the 1-Day Timeframe
If we take a look at the 1-day timeframe for Bitcoin we can see that the price is currently forming a big symmetrical triangle.
We can see that the price has been squeezing for the past few weeks and Bitcoin can make a big move in either direction in the coming days.
If Bitcoin manages to break above this pattern, then things will get extremely bullish for Bitcoin as we will experience a major price pump. The breakout target for this structure will be around the $54,000 mark.
On the other hand, if the price moves below this structure in the coming days, then we will have a further correction for BTC. The zone we will be watching in that scenario is around the $29,000 mark.
It is an area that has acted as a major support in the past for BTC and we are likely to see strong buying pressure around $30,000 if the price drops.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently looking a bit bullish on the lower timeframes, and we are expecting it to test the top of this structure again from the inside. However, it is hard to tell how this symmetrical triangle will play out in the coming days and we will be observing it closely. If the price does break out of this structure and closes a daily candle below or above it we will be interested in placing a trade on BTC.
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