What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading around $57,500 and is still looking bullish in the short term. It broke above the $58,000 mark today and is now headed to challenge the strong resistance at $59,500. Once we break above this significant resistance, we can expect BTC to put a new all-time high in a matter of days.
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Analyzing the Charts for Immediate Short Term
If we take a look at the smaller timeframes, we can see that Bitcoin is currently moving sideways and is ready to make another move. The price is slowly squeezing, and we can see a symmetrical triangle forming on the 15-minutes timeframe.
A symmetrical triangle is a pattern that can break in either direction. How the pattern plays out depends mostly on the past price action. Bitcoin is still showing bullish momentum so it is likely we will break towards the upside in the coming hours.
Also, we should remember that we have strong resistance around the $59,500 mark, so it is likely we will touch that mark and face a rejection there.
On the other hand, if we break below this triangle we would be looking at the support around $56,400 once again.
The $56,400 region has acted as resistance in the recent past and we are likely to find good support here.
Conclusion: Is Bitcoin (BTC) Still Bullish?
Bitcoin is still looking quite bullish in the short term and we can expect it to retest the $59,500 mark soon. Even if we break below this symmetrical triangle, it is highly likely we will bounce back strongly from $56,400. BTC is showing great momentum overall and we will soon be seeing a $60,000 Bitcoin once again.
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