Table of Contents
What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around the $20,400 mark and is looking bullish on the lower timeframes. As mentioned in our previous analysis, the price is now trading above the strong resistance at $19,600 and has finally moved out of the consolidation zone.
The $20,400 mark is also a strong resistance level and if the price manages to break above it in the coming hours convincingly, we could have a bullish week for Bitcoin. Let’s take a quick look at the latest BTC charts to see where the price could be headed next in the immediate short term.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Claim up to $30,030 in Bonus
Analyzing the Charts
If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price was forming a bullish pennant and has broken out of it.
As the name suggests, a bullish pennant is a bullish continuation pattern which indicates that the price will continue to move in an uptrend. Right now, BTC is breaking above a strong resistance level ($20,400) and if it continues to trade above it by the end of the day, we can expect more bullishness in the coming days.
The first target we are watching for Bitcoin right now is $21,100. A test of this level is inevitable at the moment.
Also, if the price continues to trade above the $20,400 mark in the near future, we will likely see Bitcoin touch higher levels. It is possible that the price could go as high as the $22,600 mark in the short term.
Conclusion: Final Verdict on Bitcoin (BTC)
Bitcoin is currently trading above the $20,400 mark and is looking quite bullish on the lower timeframes. It is possible that Bitcoin is done accumulating under the $20,000 range and we will see some upwards movement in the coming days. Right now, we will be interested in placing some long trades on Bitcoin as it closes the daily candle above the $20,400 mark.
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.
PrimeXBT Covesting: Copy Trading
Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim a bonus of up to $7000 by using the promo code “bitcoinsensus50” with our link.
Claim up to $7000 in Bonus