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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $63,000 mark and is still looking bullish in the immediate short term. We did witness a price spike for BTC yesterday and right now it is cooling off a little before making another move towards the upside. As long as Bitcoin is trading above the crucial support at $61,600, we are extremely bullish on Bitcoin in the immediate short term.
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Analyzing the Charts
If we take a look at the shorter timeframes we can observe that Bitcoin is looking bullish in the immediate short term. On the 30-minutes timeframe, we can see that the price is moving within a falling channel which is a bullish structure.
A falling channel is a bullish continuation in which the price moves in a temporary downtrend only to break towards the upside. Once we break out of this channel we can expect to retest our current resistance around the $64,200 mark.
On the other hand, we can also see that Bitcoin is currently putting a new higher high on the 4-hour timeframe. That also means that Bitcoin is currently in an uptrend and we can expect a further increase in price in near future.
Also, once we break above the resistance at $64,200 we are likely to retest the current all-time high for Bitcoin.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is still in a strong bullish trend and is gearing towards the $70,000 mark in the coming weeks. It is also looking quite good on the shorter timeframes, and we can expect the price to move up in the coming hours as well. If BTC gets above $64,200 convincingly, we would also be interested in putting in a long trade for it.
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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