What is Bitcoin (BTC) Doing Right Now?
Bitcoin has been moving sideways for the past day and a half and is currently trading just above $46,000. As mentioned in our previous price analysis, Bitcoin is struggling to recover from Tuesday’s flash crash and is facing strong resistance above the $47,000 region.
It is crucial that Bitcoin gets above $47,000 in the next few hours. The longer it moves sideways, the more likely we are to move towards the downside.
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Analyzing the Charts
If we take a look at the price charts, we can observe that Bitcoin’s price is being squeezed. We are forming a symmetrical triangle on the 1-hour timeframe, and the price can go either way in the coming hours.
If we manage to break above this symmetrical triangle, we could see a major price spike that will turn BTC bullish again. Our breakout target would just be around the $49,200 level, which is also our next resistance.
On the other hand, if we break below the structure, we could experience another price dump. The level we will be watching in this scenario would be $42,800.
Breaking below this structure would trigger a sell-off, and we can also expect the price to drop to the $40,000 region.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin is currently trading in a critical territory and can go either way in the coming hours. The price has not moved much in the past 24 hours, and the volume is consistently dropping. Right now, we will wait for Bitcoin to move out of this symmetrical triangle convincingly and will trade it accordingly.
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. This guide can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of best Bitcoin Exchanges To Trade With.
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