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What is Bitcoin (BTC) Doing Right Now?
Bitcoin is currently trading just above the resistance at $61,600 and is looking bullish in the immediate short term. As mentioned in our previous analysis, BTC needs to flip this resistance level into support to start another leg up. We did see a nice bounce-back for Bitcoin from the $60,000 mark but now the price must stay above $61,600 to strengthen the trend.
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Analyzing the Shorter Timeframes
If we take a look at the 15-minutes timeframe we can see that Bitcoin is trading above $61,600 comfortably. We can also see that the price consolidating and has been moving sideways for the past few hours.
We can also see that the price is forming a bull flag pattern and we could see a breakout if we hold the $61,600 mark in the coming hours. Bull flag patterns are bullish continuation and the probability of breakout is usually high with them.
If this structure holds and the price breaks out we can see a leg up towards the $63,600 mark where we have our next resistance.
However, it is vital that Bitcoin does not fall below $61,600. If that happens we could see another retest of $60,000 and will likely break below this time.
Conclusion: Where is Bitcoin (BTC) Headed Next?
Bitcoin has again started to look quite bullish in the immediate short term and we can now expect another leg soon. However, before making any trades we will wait for the breakout confirmation of our bull flag above and will enter a trade accordingly. BTC is also looking strong in the long term and we can expect a new all-time high before the end of the year.
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