What is Bitcoin (BTC) Doing Right Now?
Bitcoin is trading around the $30,000 mark and has been going sideways for the past several hours. The price is struggling to gain any momentum on the lower timeframes as the trading volume is also low. Right now, the main resistance BTC needs to get above on the lower timeframes is around $31,500. It is the area where there is some selling pressure, and breaking above it could be a bullish sign for Bitcoin. The support level Bitcoin currently needs to hold is around $29,500. Once the price moves out of this zone, we can expect Bitcoin to make a significant move. Let’s take a look at the latest charts to see where the price could be headed in the immediate short term.
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Analyzing the Charts
If we take a look at the latest 1-hour timeframe for Bitcoin, we can notice that the price is forming a falling wedge and could break out of this pattern soon.
A falling wedge is a bullish continuation pattern that indicates the selling pressure is dropping further. If Bitcoin breaks out of this pattern in the coming hours, it will likely retest the $31,500 mark again.
On the other hand, if the price keeps struggling with volume, Bitcoin could also break below this structure.
In that scenario, the next level we will be watching for Bitcoin is the major support at $28,600.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently going sideways on the micro timeframe and will likely move out of this zone in the coming hours. Right now, we can spot a bullish indicator for BTC in the form of the falling wedge, and it could play out in the immediate short term. However, we are also entering the weekend, and the downward scenario is also in play.
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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